Company Updates - On October 22, the company announced a collaboration with Takeda, granting Takeda overseas development rights for IBI363 (PD-1/IL-2α-bias) and IBI343 (CLDN18.2 ADC), as well as an option for IBI3001 (EGFR/B7H3 ADC). The company will receive an upfront payment of $1.2 billion, including a $100 million strategic investment, and has the potential to earn up to $10.2 billion in milestone payments, bringing the total collaboration value to $11.4 billion [1][2] Collaboration Insights - The collaboration terms and premium investment from Takeda indicate confidence in the partnership. Takeda's experience in the gastrointestinal field is expected to provide significant support. The strategic investment of $100 million from Takeda was at a 20% premium compared to the average stock price over the previous 30 trading days [2] - The company retains commercialization rights for IBI363 in the U.S., sharing profits and losses with Takeda at a 40:60 ratio, which is a significant step towards transforming into an international pharmaceutical enterprise [1][2] Product Development - The collaboration also includes the global commercialization rights for IBI343 and an option for IBI3001. Takeda will focus on expanding IBI343 in the global first-line gastric and pancreatic cancer markets [2] - The visibility of the company's innovative molecules is increasing, with five molecules expected to be in global multi-center clinical trials (MRCT) by 2030, contributing to new growth points [2] Financial Forecast - The company maintains its 2025 net profit forecast at 871 million yuan and raises the 2026 net profit forecast by 37.1% to 1.79 billion yuan. The target price remains at HKD 118.3, indicating a 39.0% upside potential from the current stock price [2]
信达生物(01801.HK)：IBI363百亿美元BD出海 迈出全球化重要一步