中泰证券（600918）发布研报称，维持和铂医药-B(02142)"买入"评级，和铂医药凭借其全人源抗体技 术平台，在2025年与阿斯利康、大塚、辉瑞、BMS等全球多家顶尖药企达成深度合作，已确立其作为 全球创新抗体关键源头技术提供商的地位。这种商业模式不仅带来短期收入能见度与长期现金流弹性， 也为公司实现可持续的轻资产、高盈利增长奠定了坚实基础。 中泰证券主要观点如下： 海外大型药企合作持续深化，公司正成为全球生物制药产业链中不可或缺的创新抗体源头技术提供商 公司凭借Harbour Mice全人源抗体技术及基于此的仅重链抗体(HCAb)、双抗HBICE平台，近期密集达成 的数项同海外大型药企的合作，巩固了公司远期现金流与技术平台商业价值确立性，逐步建与企球制药 巨头深度绑定的开放创新生态系统，实现收入来源多元化、资本效率最大化、价值发现前置化。 与阿斯利康的合作 公司3月宣布与阿斯利康达成全球战略合作，共同研发针对免疫性疾病、肿瘤及其他多种疾病的新一代 多特异性抗体疗法，基于和铂医药专有的Harbour Mice全人源抗体技术平台在多治疗领域的多项目授权 许可协议。10月和铂医药-阿斯利康创新实验室在北京正 ...

Core Viewpoint - The strategic collaboration between Heptares Therapeutics and AstraZeneca, valued at over 30 billion RMB, aims to develop next-generation multispecific antibody therapies for various diseases, showcasing Heptares' innovative capabilities and global strategic planning [1][2]. Group 1: Strategic Collaboration Details - The collaboration includes a licensing agreement for multiple projects based on Heptares' proprietary Harbour Mice® platform and a $105 million equity investment from AstraZeneca [1]. - Heptares will receive an upfront payment of $175 million (approximately 1.27 billion RMB), milestone payments, and up to $4.4 billion (approximately 31.9 billion RMB) in research and commercial milestone payments, along with tiered royalties based on future product sales [2]. - This partnership marks the third strategic collaboration between Heptares and AstraZeneca since 2022, with this deal being more extensive and financially significant compared to previous agreements [2]. Group 2: Future Development and Operations - Heptares plans to establish an innovation center in Beijing in collaboration with AstraZeneca to enhance local drug discovery capabilities and integrate their unique technologies into a new ecosystem [3]. - AstraZeneca will acquire 9.15% of Heptares' newly issued shares at a price of $1.38 per share, representing a 37.2% premium over the closing price on March 21 [3]. Group 3: Market Response and Financial Strategy - Following the announcement, Heptares' stock price surged over 14%, reflecting positive market sentiment, with a closing price of 8.39 HKD per share and a total market capitalization of 63.54 billion HKD [4]. - Heptares aims to focus its resources on technology and product iterations, expanding its HCAb platform into new therapies and molecular structures while prioritizing high-return clinical projects [4]. - The company is also exploring cutting-edge biopharmaceutical technologies and has initiated a weight-loss drug project, Élancé Therapeutics, which has been in development for two years [4]. Group 4: Product Development Progress - Heptares' most advanced product, HBM9161, targeting FcRn for treating generalized myasthenia gravis, has its BLA accepted by the National Medical Products Administration in July 2024 [5]. - The rights for HBM9161 in Greater China were licensed to CSPC Pharmaceutical Group, while Heptares retains the responsibility for clinical trial design and execution [5]. - The potential benefits from HBM9161 will depend on its approval status, but the current strategic collaboration with AstraZeneca may overshadow its immediate importance [5].