Citi: The collaboration between INNOVENT BIO and Takeda Pharmaceutical is positive for advancing product development, target price raised to HKD 120.1
Citi released a research report stating that INNOVENT BIO and Takeda Pharmaceutical Company have 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 research projects IBI343 and IBI3001. Taking this collaboration into account, Citi has raised its sales and net profit forecasts for INNOVENT BIO for the fiscal year 2026 by 48.5% and 172%, respectively, and 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 an "outperform" rating. 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 jointly commercialize IBI363 in the U.S. will help unlock market value, and is optimistic about Takeda's strong U.S. commercial exclusivity and extensive experience in that market
According to the Zhitong Finance APP, Citi released a research report stating that INNOVENT BIO (01801) and Takeda Pharmaceutical Company have announced a global strategic cooperation. The two parties will jointly develop the next-generation IO cornerstone therapy IBI363 globally and have reached a licensing agreement for the research projects IBI343 and IBI3001. Taking this cooperation into account, Citi has raised its sales and net profit forecasts for INNOVENT BIO for the fiscal year 2026 by 48.5% and 172%, respectively, and the net profit forecast for the fiscal year 2027 by 1.5%. The target price has been raised from HKD 111.4 to HKD 120.1, maintaining an "outperform" rating.
Citi believes that this cooperation 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, and is optimistic about Takeda's strong U.S. commercial exclusivity and rich experience in that market
