Investment Rating - The report assigns a Buy rating to Simcere Pharmaceutical (2096 HK) with a target price of HK$10.00, representing a potential upside of 53.2% from the current price of HK$6.53 [5] Core Views - Simcere Pharmaceutical has entered into a licensing agreement with AbbVie for SIM0500, a BCMA x GPRC5D x CD3 trispecific antibody, with a total potential deal value exceeding $1.055 billion [1] - SIM0500 is currently in Phase I clinical trials for relapsed/refractory multiple myeloma (MM), a market with significant potential as the global MM treatment market is projected to reach $26.7 billion by 2024 [1] - The deal represents the second and largest out-licensing transaction in Simcere's history, following the 2022 licensing of SIM0278 to Almirall [1] - SIM0500 also shows potential in autoimmune diseases due to its ability to target B cells expressing BCMA and GPRC5D, with other BCMA-targeting drugs already demonstrating efficacy in conditions like Sjögren's syndrome and rheumatoid arthritis [1] - The TCE platform has been validated through this deal, with three additional molecules targeting AML, CLL/DLBCL, and solid tumors expected to enter clinical trials soon [1] Market Potential - The global MM market is substantial, with 188,000 new cases and 121,000 deaths annually, making it the largest single subtype in the hematologic oncology market [1] - SIM0500 has shown superior tumor suppression in preclinical models compared to competing BCMA x CD3 bispecific antibodies and GPRC5D x CD3 bispecific antibodies [1] - The low-affinity targeting of CD3 and subcutaneous injection formulation may reduce CRS risk and improve administration convenience [1]
先声药业：自研血液瘤/自免三抗成功授权艾伯维，TCE平台首获MNC背书