Core Viewpoint - The global licensing agreement between 3SBio (01530) and Pfizer for 707 (PD-1/VEGF dual antibody) has officially come into effect, with a maintained "Buy" rating and an increased target price from HKD 28.32 to HKD 37.67 [1] Group 1: Clinical Development Plans - Pfizer is set to rapidly advance the global Phase III clinical trials for 707 in NSCLC and other solid tumors [1] - A detailed global clinical development plan is being formulated by Pfizer to evaluate the potential of 707 as a monotherapy and in combination with chemotherapy and ADCs [1] - Pfizer's pipeline includes ADCs with potential for combination with 707, such as PADCEV (Nectin-4 ADC), sigvotatug vedotin (IB6 ADC), and PDL1V (PD-L1 ADC) [1] Group 2: Clinical Research Resources - Pfizer aims to quickly initiate the global Phase III clinical trials for 707 and plans to disclose some clinical protocol details later this year [1] - The exploration of 707's potential in thoracic, urogenital, and gastrointestinal tumors is also part of Pfizer's strategy [1] - With over 4,000 tumor clinical research sites across 45 countries, Pfizer's robust global clinical resources are expected to accelerate the development process of 707 [1] Group 3: Upcoming Data and Sales Expectations - 3SBio is set to present Phase II clinical data for 707 in combination with chemotherapy for first-line treatment of mCRC at the upcoming ESMO conference in October [1] - Due to Pfizer's rapid advancement plans for 707 across multiple tumor indications, the risk-adjusted sales expectations for this product have been revised upwards [1]
招银国际：升三生制药目标价至37.67港元 维持“买入”评级