瑞银发表研报指，信达生物与礼来就多项早期肿瘤及免疫学资产达成合作。协议包括3.5亿美元的首付 款，潜在里程碑付款最高达85亿美元，以及基于净销售额的分层权利金。该行对两间公司进行第7次合 作持积极看法，并认为相较于以往的对外授权，是次成立新公司及共同开发模式，是一种新的合作模 式。信达生物指出，是次合作的潜在资产数量较同业其他类近的合作少，且财务条款优厚。更重要是， 该行注意到潜在资产包括信达生物研发管线中未出现过的新资产，为公司原先指引每年推进8至10个候 选药物进入临床阶段的目标带来上行空间。该行现予公司目标价137.4港元及"买入"评级。 ...

Core Insights - XL-protein GmbH has entered into a worldwide License, Development and Commercialization Agreement with Grifols for a novel long-acting biopharmaceutical product [1] - The collaboration will utilize XL-protein's PASylation® technology to enhance the circulation and effectiveness of Grifols' therapeutics [2] - Financial terms include an upfront payment, milestone payments, and tiered royalties on sales from marketed therapeutics, with Grifols holding exclusive marketing rights [3] Company Overview - Grifols is a global healthcare company founded in 1909, specializing in plasma-derived medicines and innovative healthcare solutions across more than 110 countries [6] - XL-protein is a privately owned biotech company based in Germany, focusing on developing biologics with extended half-life and enhanced in vivo activity through its PASylation® technology [6]