Core Viewpoint - CICC has raised the 2026 profit forecast for Heptares Therapeutics-B (02142) by 228% to USD 0.62 billion due to the upfront payment from the BD, and has introduced a new profit forecast for 2027 at USD 0.60 billion. The target price has been increased by 34.3% to HKD 18.00, indicating a potential upside of 44.5% from the current stock price [1]. Group 1: Company Updates - On December 29, 2025, the company announced a long-term strategic partnership with Lanacheng to advance the development of next-generation radionuclide drug conjugates (RDCs) [2]. - Heptares' proprietary Harbour Mice platform can directly produce fully human monoclonal antibodies in H2L2 and HCAb formats, which have lower immunogenicity, excellent tissue penetration, and high specificity and stability, enhancing the efficacy of RDC drugs while reducing side effects [3]. Group 2: Overseas Collaborations - In the second half of 2025, Heptares has established several overseas licensing collaborations, including agreements with global MNCs such as BMS and Pfizer: 1. On December 17, 2025, the company entered into a long-term global strategic cooperation agreement with BMS to jointly develop next-generation multi-antibody therapies, receiving an upfront payment of USD 90 million, with potential milestone payments up to USD 1.035 billion if all projects are pursued [4]. 2. On November 19, 2025, the company's wholly-owned subsidiary, Nona Bio, signed a non-exclusive licensing agreement with Pfizer to advance preclinical antibody discovery for various potential diseases, granting Pfizer global rights to the HCAb platform, with upfront and milestone payments based on regulatory, clinical, and commercialization achievements [4]. 3. On November 24, 2025, the company announced an expansion of its collaboration with AstraZeneca to include ADC and TCE drugs [4].
中金：维持和铂医药-B(02142) 跑赢行业评级 上调目标价至18港元