Zhitong Financial APP learned that Guosheng Securities issued a research report saying that it was first given the "buy" rating of Keji Pharmaceutical-B (02171). It is estimated that the operating income in 2022-24 will be 0.25 / 257 million yuan (compared with the same period last year), and the reasonable market value this year is expected to be about 21.46 billion yuan. The company takes the lead in the layout of solid tumor CAR-T, and the value of its core products can be realized; it has established a mature and innovative CAR-T technology platform, independent commercial production capacity with economies of scale, rich reserves of pipeline echelons and reasonable levels, and the bank is optimistic about long-term development.
The main points of Guosheng Securities are as follows:
The company focuses on the research and development and commercialization of CAR-T products, leading the world in the field of solid tumor, while product design differentiation and layout globalization. Eight products are in the clinical research and development stage and four are in the preclinical stage:
CT041:The treatment of CLDN18.2 positive digestive tract tumors can produce high response rate and continuous remission, and is well tolerated. It is expected to become a subversive therapy for advanced gastric cancer. The progress of R & D is leading in the world, and the potential market value is unprecedented. The bank is expected to submit applications for listing in China and the United States in 2024, with peak sales of 7.7 billion yuan.
CT053:BCMA-targeted multiple myeloma candidate therapy, in the same kind of CAR-T products, is more effective and safer in the treatment of recurrent / refractory multiple myeloma, and has the potential to expand to frontline therapy. The bank is expected to file an application for listing in China in 2022 and seek breakthroughs in overseas markets in 2023, with peak sales of about 4 billion yuan. Lay out the next generation CAR-T technology to consolidate the industry leading edge.
In addition, Keji also lays out the next generation of CAR-T technology to consolidate the industry's leading edge. In line with the development trend of the cell therapy industry, the company looks forward to the establishment of an integrated cell therapy platform, layout of the next generation of solid tumor CAR-T and general CAR-T technology:
LADAR:Trigger antigen + recognition antigen double insurance, accurately target tumor tissue, reduce target detumorigenicity, expand the margin of proprietary drug targets.
CycloCAR:Co-express cytokine IL-7 and chemokine CCL21, simplify the process of lymphoid preconditioning, enrich immune cells, and enhance the therapeutic effect on solid tumor CAR-T cells.
THANK-uCAR:Recognition of CAR molecules on the surface of NK cells should respond to host-versus-graft response and enhance the ability of proliferation of CAR-T cells; allogeneic technology can drive universal development, reduce cost and increase efficiency, and improve the accessibility of therapy.