Core Viewpoint - Jefferies initiates coverage on Basilea Pharmaceutica B (02616) with a buy rating and a target price of HKD 20, highlighting the potential of CS2009 as a backbone therapy in the IO 2.0 era due to its unique three-specificity antibody design and commercial collaboration prospects [1] Group 1: Product and Pipeline - CS2009 is positioned to leverage advantages in overall survival and commercial collaboration potential, especially as PD-1 patents near expiration and global interest in OS-driven immuno-oncology assets increases [1] - Basilea has developed a unique and modular ADC platform, which serves as another key pillar of its 2.0 pipeline [1] Group 2: Business Development and Achievements - Basilea has an excellent track record in business development, having executed 9 collaboration deals for 5 products, making it one of the first biotech companies in China to generate royalty income through strategic partnerships [1] - The achievements during the "1.0 era" have provided critical funding to accelerate pipeline progress and support the transition to innovation-driven growth, laying a solid foundation for future global expansion [1]
Jeffeies对基石药业-B首次覆盖给予“买入”评级 目标价20港元