In "The Big Bank," Citigroup: INNOVENT BIO's collaboration with Takeda Pharmaceutical is positive for advancing product development, target price raised to 120.1 yuan

AASTOCKS
2025.10.23 03:03

Citi published a research report stating that INNOVENT BIO (01801.HK) and Takeda Pharmaceutical (4502.JP) announced a global strategic collaboration. The two parties will jointly develop the next-generation IO cornerstone therapy IBI363 globally and have reached a licensing agreement for the projects IBI343 and IBI3001. Citi believes this collaboration is positive for INNOVENT's global layout and product development progress, especially in promoting the development of the core project IBI363.

IBI363 was approved by the U.S. FDA in August this year to initiate a Phase III clinical trial for the treatment of squamous non-small cell lung cancer. Citi believes that the plan for both parties to commercialize IBI363 in the U.S. will help unlock market value, as Takeda has a strong U.S. commercial franchise and is experienced in this market.

Taking into account the impact of this collaboration, Citi has raised its sales and net profit forecasts for INNOVENT BIO for the fiscal year 2026 by 48.5% and 172%, respectively, and raised the net profit forecast for fiscal year 2027 by 1.5%. The target price has been raised from HKD 111.4 to HKD 120.1, maintaining a "Outperform" rating

Source: AASTOCKS The copyright of this article belongs to the original author/organization.
The views expressed herein are solely those of the author and do not reflect the stance of the platform. The content is intended for investment reference purposes only and shall not be considered as investment advice. Please contact us if you have any questions or suggestions regarding the content services provided by the platform.