2025年6月30日，泰德医药（浙江）股份有限公司（以下简称：泰德医药）正式在港交所挂牌上市。此次上市全球发售1680万股H股，占发行后总股本的 11.85%，每股定价30.60港元，公开发售获301.15倍认购。截至首日收盘，泰德医药股价30.8港元，市值为 44 亿港元。 泰德医药是一家位于杭州钱塘的生物医药企业，提供从早期发现、临床前研究、临床开发以及商业化生产的全周期服务，主要包括多肽NCE发现合成 （CRO服务）与多肽CMC开发以及商业化生产（即CRDMO服务）。 根据招股书，截至2024年12月31日，泰德医药的项目管线包括1217个进行中的CRO项目，以及332个进行中的CDMO项目，并且战略性地专注于GLP-1领 域的管线建设。按销售收入计算，泰德医药在2023年已是全球第三大专注于多肽的CRDMO，全球市场份额为1.5%，仅次于瑞士龙头企业Bachem和 PolyPeptide。 与国内头部的CXO头部企业一样，泰德医药的大多数营收也已经来自海外，其中美国是其第一大市场。为规避美国政策法规在未来可能带来的不利影 响，泰德医药此次上市募集的部分资金，将用于扩大在美国本地的产能投资。 得益于"工 ...

以下文章来源于氨基观察 ，作者氨基君 氨基观察 . 生命科学新时代的商业智库和价值灯塔 作者 | 武月 来源 | 氨基观察 每笔交易的潜在首付款、里程碑付款以及商业化分成约为50亿美元。且其中之一已经处于后期阶 段，预计将于6月份完成。 如此重磅BD消息，石药集团的股价自然应声大涨，市值再次逼近千亿大关。 事实上，在其正式公告之前，市场上已经有相关消息流传。因为石药集团于29日中午交出一份不 及预期的一季报，营收、利润双下滑，而在财报电话会议上，公司管理层已经披露了上述BD消 息，这也使得其股价在业绩发布之后，逆势大涨12%。 尽管石药集团在公告中多次提示BD的不确定性，但市场更多是沉浸于巨大的金额层面。3项50亿 美元的交易，言下之意，潜在交易总额达150亿美元。即使首付款按照5%计算，也高达7.5亿美 元。 乐观者认为，这是石药再次秀出创新肌肉，石药集团不断增长的研发，并没有带来创新药的估值 溢价。随着新的重磅BD的达成，其业绩会有新的保障；谨慎者则认为，潜在大BD确实能驱动股 价大涨，但重磅BD属于重大商业机密，也是涉及股价的敏感信息，在BD落地前就提前公告，是 否有些突兀？ 至少，在全球医药产业中，预 ...

2025 年 06 月 03 日 行业点评 看好/维持 医药 Dr. Reddy's Q4 净利润同比增长 22%，超市场预期 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/6/3 24/8/14 24/10/25 25/1/5 25/3/18 25/5/29 医药 沪深300 子行业评级 推荐公司及评级 相关研究报告 <<太平洋医药日报（20250530）：拜耳 Sevabertinib 获 FDA 优先审评资 格>>--2025-06-02 <<分子砌块专家，赋能新药研发>>-- 2025-05-30 <<太平洋医药日报（20250529）：诺华 伊普可泮在华获批新适应症>>-- 2025-05-30 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：乔露阳 E-MAIL：qiaoly@tpyzq.com 分析师登记编号：S1190524080001 报告摘要 事件： 2025 年 5 月 9 日，印度制药企业 Dr. Reddy's Laboratories 发布 2024- 2025 财年第四季度财报 ...

Core Viewpoint - The company, Lianbang Pharmaceutical, has shown significant progress in its drug development, particularly in weight loss and insulin products, while maintaining a stable growth outlook in its antibiotic and animal health segments [1][2][3] Group 1: Weight Loss Drug Development - UBT251 has achieved authorization, and the clinical trial results for UBT251 in China show a 15.1% average weight loss from baseline at the highest dose after 12 weeks, compared to a 1.5% increase in the placebo group [1] - The safety profile of UBT251 is similar to other gut incretin products, with the most common adverse events being gastrointestinal reactions, mostly mild to moderate [1] - The company has granted overseas rights for UBT251 to Novo Nordisk, receiving an upfront payment of $200 million and potential milestone payments of up to $1.8 billion, along with tiered sales royalties based on annual net sales in overseas regions [1] Group 2: Insulin Business Outlook - The company has successfully won bids in all six procurement groups for insulin, with all selected products classified as Class A, indicating a stable growth outlook for its insulin business [2] - The company’s self-production costs are controllable, which supports the expectation of stable growth in the insulin segment [2] Group 3: Animal Health and Antibiotics - The company anticipates that 19 animal health formulations will be launched by 2025, with over 10 formulations expected to be approved annually from 2026 to 2028, indicating a strong pipeline and growth potential in the animal health market [2] - The company has established itself as a leader in the penicillin industry, with a market share of around 50% in both penicillin industrial salt and 6-APA, benefiting from vertical integration and process iteration [2] - The antibiotic business is expected to remain stable, despite some anticipated fluctuations in demand starting in Q4 2024, due to the execution of centralized procurement for piperacillin-tazobactam sodium [2] Group 4: Financial Projections and Valuation - The company’s projected total revenue for 2025-2027 is estimated at 145.24 billion, 139.87 billion, and 145.80 billion yuan, with year-on-year growth rates of 5.56%, -3.70%, and 4.23% respectively [2] - The projected net profit attributable to the parent company for the same period is 29.07 billion, 25.57 billion, and 27.62 billion yuan [2] - The company is valued using a comparable company valuation method, with a target market capitalization of 34.102 billion HKD and a target price of 18.77 HKD per share, reflecting a buy rating [3]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 18.77 per share, based on a current price of HKD 13.2 [7]. Core Views - The company is expected to achieve stable growth in its insulin and animal health businesses, supported by a strong pipeline of innovative drugs, particularly in the weight loss sector with UBT251 showing promising clinical results [2][4][6][7]. - The overall revenue forecast for the company from 2025 to 2027 is projected at HKD 145.24 billion, HKD 139.87 billion, and HKD 145.80 billion, with a net profit of HKD 29.07 billion, HKD 25.57 billion, and HKD 27.62 billion respectively [6][7]. Summary by Sections 1. Antibiotics - The company has established itself as a leader in the penicillin industry with a market share of approximately 50% in both penicillin industrial salt and 6-APA [5]. - The antibiotic business is expected to maintain stability due to the overall industry outlook and the company's integrated supply chain advantages [5][7]. 2. Weight Loss: UBT251 - UBT251 has been licensed to Novo Nordisk, with an upfront payment of USD 200 million and potential milestone payments of up to USD 1.8 billion, along with tiered royalties based on net sales [2]. - Clinical trial results for UBT251 show a weight reduction of 15.1% from baseline after 12 weeks, surpassing the performance of similar products [2]. 3. Insulin - The company has successfully bid for all six procurement groups in the national insulin procurement process, with all products selected classified as A-level [3]. - The stable procurement policy is expected to support the growth of the insulin business [3]. 4. Animal Health - The company anticipates launching 19 animal health products starting in 2025, with over 10 products expected to be approved annually from 2026 to 2028 [4]. - The expansion into the pet market is expected to drive accelerated growth in the animal health segment [4]. 5. Financial Forecast and Valuation - The company is valued using a comparable company valuation method, with a target market capitalization of HKD 341.02 billion [6][7]. - The main business is assigned a PE ratio of 6x for 2025, while the innovative drug segment is assigned a PE ratio of 20x [7].