和铂医药（上海）有限责任公司（简称"和铂医药"）再获一笔重磅交易。6月23日，和铂医药发布公告 称，公司与日本制药巨头大冢制药株式会社（简称"大冢制药"）达成全球战略合作，将其自主研发的、 治疗自身免疫性疾病的BCMA×CD3双特异性T细胞衔接器（TCE）HBM7020授权给大冢制药，交易总 金额达6.7亿美元。 年内第二笔跨国BD交易 不过，和铂医药在2023年成功转型并抓住了国产创新药出海的机遇 。2023年，和铂医药首次实现财务 盈利，实现营收8950.2万美元，同比增长119.9%，全年总盈利2276.3万美元，同比扭亏为盈。彼时，和 铂医药表示，其收入的增长主要是与辉瑞、Cullinan等的授权合作协议有关。 2023年2月，和铂医药与Cullinan签订授权及合作协议，根据该协议，Cullinan获得在美国及其领土和属 地（包括哥伦比亚地区和波多黎各）开发HBM7008的独家可转许可的授权，和铂医药获得2500万美元 预付款和最高达六亿美元的里程碑付款。2023年12月，和铂医药与辉瑞就HBM9033的全球临床开发及 商业化签订授权协议，并获得总额为5300万美元的预付款及近期付款和最高达约10. ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 12.07 HKD based on a current price of 5.2 HKD [6]. Core Insights - The company, Heptagon Pharmaceuticals, established in 2016, focuses on innovative drug development and commercialization in the fields of immunology and oncology. It has shown significant revenue growth from 0.1 million RMB in 2018 to 634 million RMB in 2023, achieving profitability in 2023 [1][14]. - The proprietary Harbour Mice® antibody platform is highlighted as a unique asset, enabling the production of both conventional and heavy-chain human monoclonal antibodies, which positions the company as a leader in antibody innovation [2][25]. - The company has over 10 drug candidates in various stages of clinical development, with key products like Batoclimab (HBM9161) and HBM9378 showing promising progress [3][38]. Summary by Sections 1. Company Overview - Heptagon Pharmaceuticals specializes in the development of innovative drugs in immunology and oncology, leveraging a unique business model that combines self-research and collaboration [1][12]. - The company has transitioned from significant losses in previous years to profitability in 2023, with a net profit of 161 million RMB [14][17]. 2. Antibody Development Platform - The Harbour Mice® platform allows for the generation of both H2L2 and HCAb formats of human monoclonal antibodies, showcasing its broad application potential [2][25]. - The HCAb platform is noted for its ability to produce various forms of antibodies, including mRNA and bispecific antibodies, which enhances the company's development capabilities [2][31]. 3. Clinical Pipeline - The company has a robust pipeline with over 10 candidates focused on autoimmune and oncology diseases, with Batoclimab (HBM9161) and HBM9378 being the most advanced [3][38]. - Batoclimab has received acceptance for its BLA by NMPA, indicating its potential as a significant therapy for autoimmune diseases [41]. 4. Business Development - Heptagon has established numerous partnerships with leading pharmaceutical companies, enhancing its business development efforts and expanding its collaborative reach [4][40]. - The company has signed multiple licensing agreements, contributing to its revenue growth and positioning it favorably within the industry [17][40]. 5. Financial Projections - The report forecasts total revenues of 260 million RMB, 417 million RMB, and 566 million RMB for 2024, 2025, and 2026 respectively, based on the performance of key products [5][10].