Event: on January 11, 2021, the company announced that SanofiForeign Participations BV, a wholly-owned subsidiary of Sanofi, acquired all shares of Kymab, and Hong Kong Hypree, a wholly-owned subsidiary of Hypri, transferred its 8.66% stake in fully diluted Kymab.
The Heypree subsidiary transferred its 8.66% stake in Kymab, and the new drug investment gradually entered the harvest period:
Kymab is a British clinical stage biopharmaceutical company with a wide range of therapeutic antibody projects and potential immunotherapy candidates such as KY1005 and KY1044. Prior to the transfer, Hypri's Hong Kong subsidiary held an 8.66 per cent stake in fully diluted Kymab, and the company invested about $40.5662 million in its current Kymab interests. After this equity transfer, the consideration to be obtained by the company includes an initial consideration of about $117 million and a subsequent milestone consideration of no more than $30.3 million.
The company's innovative R & D pipeline is worth paying attention to. At present, it has won the exclusive development and commercial rights of many innovative drugs in Greater China:
According to the company announcement, Hypree has been granted exclusive development and commercial rights in Greater China for a number of innovative drugs, including Oregovomab, AR-301 and RVX-208. Among them, the patients with advanced primary ovarian cancer treated with Oregovomab combined with chemotherapy have completed phase II. The clinical results of phase II showed that the median PFS of Oregovomab combined chemotherapy was significantly prolonged, the median PFS was 41.8months, while the median PFS of patients treated with pure chemotherapy was 12.2months (p = 0.0027). The combination of AR-301 and standard antibiotic therapy in the treatment of ventilator-associated pneumonia (VAP) caused by Staphylococcus aureus is currently in the global phase of III clinical trials. RVX-208 is used to reduce the incidence of major adverse cardiovascular events in patients with high-risk cardiovascular disease, acute coronary syndrome and low high-density lipoprotein (HDL) in patients with II diabetes. Phase III clinical trials (BETonMACE) have been completed.
Investment suggestion: the company is expected to achieve a net profit of 914 million yuan, 1.144 billion yuan and 1.428 billion yuan respectively from 2020 to 2022, an increase of-13.7%, 25.0% and 24.8% respectively over the same period last year.
Risk hints: the risk of falling prices of heparin raw materials; the sales of enoxaparin are not up to expectations; the progress of new drug research and development is not up to the expected risk, etc.