Event: the company announced on February 14 that it was working with Cullinan Oncology, Inc. Enter into a license and cooperation agreement to grant Cullinan Oncology the exclusive license to develop and commercialize HBM7008 (CLN-418) in the United States (including the District of Columbia and Puerto Rico).
Comments:
Double antibody platform continues to incubate high quality products: the licensed product HBM7008 is a bispecific antibody against B7H4x4-1BB, developed by the company's innovative immune cell adapter HBICE platform, and is currently in phase I clinical development. Among them, B7H4 is a tumor-associated antigen, which is highly expressed in many cancers and has little overlap with PD-L1, so it has shown a strong anti-tumor effect.
Prior to this, the company also reached a global licensing agreement with AstraZeneca PLC on CLDN18.2xCD3 bispecific antibody HBM7022. HBM7022, also from the HBICE platform, strongly activates T cells and kills tumor cells by binding to tumors and T cells. The external authorization of the above two blockbuster products not only reflects the strength of the HBICE technology platform to efficiently develop potentially better drug molecules, but also proves that the company has established a flexible and diversified business model around the platform to maximize the development value of the platform.
Commercial expansion is gradually opening up the application space: around the three core technology platforms of Harbour Mice (all-human antibody drug generation platform, including H2L2 HCAb) and HBICE (immune cell connection double antibody technology platform), the company can provide complete services ranging from target verification and diversified drug molecules from discovery to preclinical research and development. Therefore, in addition to the traditional double anti-drug cooperation, the cooperation between the company and downstream partners is extremely rich.
In November 2022, the company announced the signing of a licensing and cooperation agreement with Modena (Moderna Inc), the world's leading mRNA and vaccine research and development company, to research and develop gene immunotherapy. In the same month, it signed a cooperation agreement with DragonflyTherapeutics to use the company's proprietary HCAb transgenic mouse platform to generate human heavy chain antibodies for the development of bispecific and multi-specific antibody therapy. With the deepening of business expansion, the application space of the company's core technology platform is gradually opened.
Earnings forecasting, valuation and rating: based on the core technology platform portfolio (HarbourMice platform, HBICE)
Platform), the company specializes in the field of cancer, and is expected to quickly create a product pipeline with the potential of "pioneering of its kind" or "best of its kind". We maintain a total overall loss of $1.25 for the year 2022-2024, respectively, of $1.29 / 114 million. Maintain a "buy" rating.
Risk hint: the risk that the progress of R & D is not up to expectation; the risk of foreign cooperation is not up to expectation; competition aggravates the risk.