Investment Rating - The investment rating for CSPC Pharma is "Buy" with a 12-month price target of HK7.12 [5][6][11]. Core Insights - CSPC Pharma has entered into its first overseas business development deal by licensing a pre-clinical metabolism drug, YS2302018, to AstraZeneca for an upfront payment of US370 million, sales milestone payments of up to US1,550 million, and tiered royalties based on net sales [1][2]. - This collaboration is seen as a significant step for CSPC's global expansion and validates its early-stage innovative pipeline, which is not yet reflected in its current valuation [1][2]. - CSPC aims to close 1-2 more business development deals by the end of 2024, indicating a proactive approach to enhancing its pipeline under new R&D leadership [1]. Summary by Sections Licensing Deal - CSPC has licensed out YS2302018, a small molecule inhibitor targeting lipoprotein(a), to AstraZeneca, marking a strategic collaboration that could enhance CSPC's global presence [1][2]. - The deal includes an upfront payment of US100 million, which is significant for a pre-clinical asset, along with potential milestone payments totaling up to US$2.42 billion [1]. Product Potential - YS2302018 is positioned as a differentiated oral TKI targeting lipoprotein(a), which is linked to cardiovascular diseases, with a high prevalence in older populations [2]. - The drug's oral administration is a competitive advantage over existing therapies that require injections, making it more suitable for chronic disease management [2]. Financial Projections - CSPC's revenue projections for the upcoming years are Rmb 31,450.1 million for 2024, increasing to Rmb 38,080.8 million by 2026, with corresponding EBITDA growth [5]. - The company is expected to maintain a P/E ratio that decreases from 13.0 in 2024 to 10.1 by 2026, indicating improving profitability [5].
高盛：石药集团_与跨国公司达成的首个海外 BD 交易；授权代谢药物.