20亿美元牵手阿斯利康后股价大跌，加科思董事长回应

Core Viewpoint - The collaboration between 加科思 and AstraZeneca involves a total transaction value of $20.15 billion, with 加科思's drug JAB-23E73 being the focal point, yet the stock price of 加科思 fell significantly on the first trading day after the announcement [1][2]. Group 1: Transaction Details - 加科思 will receive an upfront payment of $100 million, with potential milestone payments of up to $1.915 billion based on development and commercialization progress, along with royalties on net sales outside of China [1]. - JAB-23E73 targets various KRAS mutations, which are present in approximately 23% of all cancer patients, and is currently undergoing Phase I clinical trials in China and the U.S. [1]. Group 2: Partnership with AstraZeneca - AstraZeneca will have exclusive rights to develop and commercialize the drug outside of China, while 加科思 will co-develop and commercialize it within China [2]. - 加科思 chose AstraZeneca due to its significant revenue from oncology, which is projected to account for 41% of its income in 2024, and its established global clinical network [2]. Group 3: Market Reaction and Stock Performance - Following the announcement, 加科思's stock dropped by 17% at one point, closing down 13.58% at HKD 7.83, with a total market capitalization of HKD 6.16 billion [2]. - Analysts noted that the $100 million upfront payment may not meet market expectations, which were around $200 million [2]. Group 4: Management's Perspective - The CEO of 加科思 stated that the upfront payment represents 5% of the total transaction value, which is considered reasonable compared to industry standards [3]. - The CEO also addressed the stock price decline, attributing it to the early-stage development of the biotech sector in Hong Kong and the shift in investor focus from long-term value to short-term gains [3].