CSPC Pharma (01093) rose more than 6% in the morning session, up 3.87% as of the time of publication, at 6.98 Hong Kong dollars, with a trading volume of 0.497 billion Hong Kong dollars.
According to the Financial and Economic intelligence APP, CSPC Pharma (01093) rose more than 6% in the morning session, up 3.87% as of the time of publication, at 6.98 Hong Kong dollars, with a trading volume of 0.497 billion Hong Kong dollars.
On the news front, CSPC Pharma issued an announcement. The group announced that it has entered into an exclusive licensing agreement with Astrazeneca to develop, manufacture, and commercialize its Lipoprotein(a) inhibitor YS2302018 globally, as well as any drugs or biological products developed subsequently that are composed of or contain this compound. It is reported that CSPC Pharma will receive an upfront payment of 0.1 billion US dollars. In addition, CSPC Pharma will be eligible to receive milestone payments for development and commercialization of up to 1.92 billion US dollars, as well as royalties.
Goldman Sachs released a research report stating that the cooperation between CSPC Pharma and Astrazeneca is an important step in the company's global expansion process. The company aims to complete 1-2 BD transactions by 2024, emphasizing a continuous review of its product line, enhancing business development efforts. The bank expects more transactions in the future. Based on the Sum of the Parts valuation (SOTP), CSPC Pharma is given a target price of 10.03 Hong Kong dollars, with a "buy" rating.