Core Viewpoint - The global licensing agreement between 3SBio and Pfizer for 707 (PD-1/VEGF dual antibody) has officially come into effect, with an upgraded target price from HKD 28.32 to HKD 37.67, maintaining a "Buy" rating [1] Group 1 - Pfizer is set to rapidly advance the global Phase III clinical trials for 707 in NSCLC and other solid tumors, with a detailed global clinical development plan in progress [1] - The potential combination therapies for 707 include ADCs such as PADCEV (Nectin-4 ADC), sigvotatug vedotin (IB6 ADC), and PDL1V (PD-L1 ADC) [1] - Pfizer aims to initiate the global Phase III clinical trials for 707 in NSCLC and other solid tumors soon, with plans to disclose some clinical protocol details later this year [1] Group 2 - 3SBio is expected to present Phase II clinical data for 707 in combination with chemotherapy for mCRC at the upcoming ESMO conference [2] - Due to Pfizer's rapid advancement of 707 across multiple tumor indications, the risk-adjusted sales forecast for this product has been revised upward [2]
招银国际：升三生制药(01530)目标价至37.67港元 维持“买入”评级