中金发布研报称，由于和铂医药-B(02142)BD首付款增厚收入，上调2026年盈利预测228%至0.62亿美 元，并首次引入2027年盈利预测0.60亿美元。该行维持跑赢行业评级，基于DCF估值，由于上调盈利预 测，该行上调目标价34.3%至18.00港元，较当前股价有44.5%上行空间。 中金主要观点如下： 公司近况 2025年12月29日，公司与蓝纳成宣布达成长期战略合作，携手推进新一代放射性核素偶联药物 (Radionuclide drug conjugates，RDCs)开发。 携手烟台蓝纳成，共同开发RDC药物 2H25和铂已达成多项海外授权合作，包括与BMS、辉瑞等全球MNC的合作授权 1)25年12月17日，公司与BMS达成长期全球战略合作协议，共同开发新一代多抗疗法，作为对价，和铂 将获得9,000万美元首付款，若BMS选择推进所有潜在项目，公司将获得高达10.35亿美元的开发和商业 里程碑付款。 2)25年11月19日，公司全资子公司诺纳生物与辉瑞签订非独家授权协议，用于推进多种潜在疾病的临床 前抗体发现工作，辉瑞将获得HCAb平台全球使用权，作为对价，诺纳生物将获得首付款以及基于监 管、 ...

Core Viewpoint - The announcement by Heptares Therapeutics regarding its subsidiary Nona Biosciences entering a non-exclusive licensing agreement with Pfizer to advance preclinical antibody discovery for various potential disease indications [1] Group 1: Agreement Details - Nona Biosciences grants Pfizer global rights to utilize its proprietary HCAb platform for the development of fully human only heavy chain antibodies [1] - Nona Biosciences will receive an upfront payment and is entitled to regulatory, clinical, and commercial milestone payments [1] - The collaboration allows Nona Biosciences to leverage its HCAb platform, advanced B cell screening technology, and comprehensive services for antibody discovery, development, and engineering [1]

Core Viewpoint - The stock of Heptagon Pharmaceuticals-B (02142) rose over 6% following the announcement of a non-exclusive licensing agreement between its subsidiary, Nona Bio, and Pfizer to advance preclinical antibody discovery for various potential disease indications [1] Group 1: Company Developments - Heptagon Pharmaceuticals-B's stock increased by 6.16%, reaching HKD 14.68, with a trading volume of HKD 8.0214 million [1] - Nona Bio, a wholly-owned subsidiary of Heptagon Pharmaceuticals-B, has entered into a non-exclusive licensing agreement with Pfizer [1] - The agreement allows Pfizer to utilize Nona Bio's proprietary HCAb platform globally for the development of fully human only heavy chain antibodies [1] Group 2: Financial Implications - Nona Bio will receive an upfront payment from Pfizer and is entitled to receive regulatory, clinical, and commercial milestone payments [1] - The collaboration will leverage Nona Bio's HCAb platform, advanced B cell screening technology, and comprehensive services for antibody discovery, development, and engineering [1]

Core Viewpoint - Heptares Therapeutics-B (02142) shares rose over 6% in early trading, reaching HKD 14.68 with a trading volume of HKD 8.0214 million following the announcement of a non-exclusive licensing agreement with Pfizer to advance preclinical antibody discovery for various potential disease indications [1]. Group 1 - Heptares Therapeutics-B's subsidiary, Nona Bio (Suzhou) Co., Ltd., has entered into a non-exclusive licensing agreement with Pfizer [1]. - The agreement allows Pfizer to gain global rights to Nona Bio's proprietary HCAb platform for the development of fully human only heavy chain antibodies [1]. - Nona Bio will receive an upfront payment and is entitled to regulatory, clinical, and commercial milestone payments [1]. Group 2 - Nona Bio will collaborate with Pfizer to utilize its HCAb platform, advanced B cell screening technology, and comprehensive services for antibody discovery, development, and engineering [1].

Core Viewpoint - The announcement highlights a strategic partnership between the company’s subsidiary, Nona Bio, and Pfizer to advance preclinical antibody discovery for various potential disease indications [1] Group 1: Agreement Details - Nona Bio has entered into a non-exclusive licensing agreement with Pfizer, granting Pfizer global rights to utilize Nona Bio's proprietary HCAb platform for the development of fully human only heavy chain antibodies [1] - Nona Bio will receive an upfront payment and is entitled to receive regulatory, clinical, and commercial milestone payments as part of the agreement [1] Group 2: Collaboration Aspects - The collaboration allows Nona Bio to work with Pfizer, leveraging its HCAb platform, advanced B cell screening technology, and comprehensive services for antibody discovery, development, and engineering [1]

Core Viewpoint - The announcement highlights a non-exclusive licensing agreement between Nona Bio, a wholly-owned subsidiary of HAPO (02142), and Pfizer to advance preclinical antibody discovery for various potential disease indications [1] Group 1: Agreement Details - Pfizer will gain global rights to utilize Nona Bio's proprietary HCAb platform for the development of fully human only heavy chain antibodies [1] - Nona Bio will receive an upfront payment and is entitled to regulatory, clinical, and commercial milestone payments [1] - The collaboration allows Nona Bio to leverage its HCAb platform, advanced B cell screening technology, and comprehensive services for antibody discovery, development, and engineering [1]

Core Viewpoint - The company, Heptagon Pharmaceuticals-B (02142.HK), has entered into a non-exclusive licensing agreement with Pfizer to advance preclinical antibody discovery for various potential disease indications [1] Group 1: Agreement Details - Heptagon's wholly-owned subsidiary, Nona Biotech (Suzhou) Co., Ltd., will provide Pfizer with global access to its proprietary HCAb platform for the development of fully human only heavy chain antibodies [1] - Nona Biotech will receive an upfront payment and is entitled to receive regulatory, clinical, and commercial milestone payments [1] - The collaboration allows Nona Biotech to utilize its HCAb platform, advanced B cell screening technology, and comprehensive services for antibody discovery, development, and engineering [1]