Group 1 - Core viewpoint: Goldman Sachs reports that Innovent Biologics has entered into a strategic collaboration with Eli Lilly to advance global R&D of innovative drugs in oncology and immunology [1] - The collaboration terms include an upfront payment of $350 million, milestone payments that could reach up to $8.5 billion, and tiered royalties based on net sales outside of China [1] - Goldman Sachs believes Innovent Biologics will maintain its leading position in China's biotechnology sector due to its extensive pipeline of novel molecules targeting next-generation immuno-oncology, along with encouraging preliminary data [1] Group 2 - The report highlights the differentiated drug characteristics of IBI363, a PD-1/IL-2α biased bispecific antibody, in immunotherapy and cold tumors [1] - Innovent Biologics is noted for its strong commercialization capabilities and deep collaboration with global partners, particularly Eli Lilly [1] - Considering the current market's implied weighted average cost of capital at 12%, Goldman Sachs views the stock as undervalued and assigns a "Buy" rating with a target price of HKD 102.85 [1]
大行评级丨高盛：信达生物与礼来深化长期合作关系，评级“买入”