【行业研究报告】信达生物-Strategic cooperation with Sanofi to strengthen presence in oncology

类型: 港股公司研究

机构: 招银国际

发表时间: 2022-08-08 00:00:00

更新时间: 2022-08-08 16:10:54

8Aug2022
CMBInternationalGlobalMarkets|EquityResearch|CompanyUpdate
InnoventBiologics(1801HK)
StrategiccooperationwithSanofitostrengthen
presenceinoncology
InnoventannouncedtolicenseintwooncologyassetsfromSanofi,including
tusamitamabravtansine(tusa;anti-CEACAM5ADC)andSAR444245(SAR’245,
non-alphaIL-2),withnoupfrontpayments.Inparallel,Sanofiwillmakeaninitial
equityinvestmentofEUR300mn(c.HK$2.42bn)inInnovent.
TusaisapotentialFICADCtargetingCEACAM5.InaPh1/2trialinnsq-
NSCLCptswithhighCEACAM5expression,tusamonotherapyrealizeda
NSCLCptswithhighCEACAM5expression,tusamonotherapyrealizeda
20.3%ORR(link).Globally,tusaisthemostadvancedanti-CEACAM5ADC
(Gilead’sIMMU130inPh2;Merck’sM9140inPh1).TusaiscurrentlyinaPh3
studyvsSoCdocetaxelin2Lhigh-CEACAM5nsq-NSCLCgloballyincluding
China(link).TusaisalsobeenassessedinPh2trialsin1LNSCLC,GC,etc.
InnoventwillleadtheTusa’sfutureclinicaldevelopmentand
commercializationinChina,withtheR&DcostssharedwithSanofi.Sanofiwill
beeligibletoreceiveuptoEUR80mnmilestonepaymentsandfutureChina
salesroyalties.InnoventaimstostartPoCstudiesofTusawithdifferent
regimens(includingcombowithsintilimab)in1LNSCLCand1LGC.
SAR’245enhancesInnovent’spresenceintheIL-2space.SAR’245is
underglobalPh2studiesforsolidtumorsandlymphoma,withearly
encouragingresultsobserved(link).Innoventwillleadtheclinical
developmentofSAR’245inChinawhileSanofiwilltakechargeof
commercialization.InnoventisentitledtoreceiveuptoEUR60mnmilestone
paymentsandsalesroyalties.Withdifferenttechnologyforspecificity,
InnoventisalsodevelopingtwointernalIL-2assets,includingPh1IBI-363
(PD-1/IL-2fusedBsAb,withIL-2Rαactivitymaintainedwhileβγbinding
reduced)andpreclinicalIBI-395(PD-1/IL-2/IL-21fusionprotein).
SizableequityinvestmentinInnoventatahighpremiumtothecurrent
shareprice.SanofiwillmakeaninitialequityinvestmentofEUR300mnin
Innovent,atHK$42.42pershare,representinga29%premiumtoInnovent’s
closingpriceasof4Aug.Uponexecution,Sanofiwillhold3.73%stakein
Innovent.Webelievethetwocompanieswillbeopenforfurthercollaborations
inR&Dandcommercialization,whichwillenhanceInnovent’spresencein
oncologyandpotentiallyothertherapeuticareas.
Expectbettersalesperformancein2H22withthecompletionof
commercialteamreorganization.In2Q22,Innoventgeneratedover
RMB1.0bnproductrevenue.EliLillyreportedUS$73.6mnsalesfrom
sintilimabin2Q22,down14%QoQ.Thesalesperformancewastemporarily
impactedbytheCOVID-19lockdownandrestructuringofthecommercial
team.Weexpectproductsalestoregainstrongmomentumin2H22.
MaintainBUY.Factoringinslowersalesgrowthin1H22,werevisedDCF-
basedTPfromHK$58.32toHK$55.33(WACC:10.6%,terminalgrowthrate:
3.0%).