摩根大通：中国生物技术公司亚盛医药的估值得益于后期低风险资产驱动-动脉网

Chinese Biotech Ascentage Pharma's Valuation Driven By Late-Stage De-Risked Assets: JPMorgan

benzinga 等信源发布 2025-03-27 15:04

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可切换为仅中文

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JPMorgan initiated coverage on

摩根大通开始覆盖

Ascentage Pharma Group

亚盛医药集团

AAPG

美国石油地质学家协会

, a commercial-stage Chinese biotech company

，一家商业阶段的中国生物技术公司

focusing on cancer treatment

专注于癌症治疗

。

In January, Ascentage Pharma’s American depositary shares started trading after the company closed its U.S. initial public offering of 7.325 million ADS

今年1月，亚盛医药的美国存托股份在公司完成其在美国的首次公开募股、发行732.5万份ADS后开始交易。

at $17.25 per ADS

每股ADS 17.25美元

。

On Wednesday, JP Morgan said the company’s valuation is largely driven by two late-stage assets already de-risked from a data perspective, olverembatinib and lisaftoclax, that are approved or close to approval in China.

周三，摩根大通表示，该公司的估值主要受到两种已经从数据角度降低了风险的晚期资产的推动，这两种资产分别是奥尔维雷巴替尼和利萨福托克拉克斯，它们已在中国获得批准或接近获得批准。

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In March, the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA) granted a Breakthrough Therapy Designation to olverembatinib in combination with low-intensity chemotherapy for the first-line treatment of newly diagnosed patients with Philadelphia chromosome-positive .

今年 3 月，中国国家药品监督管理局 (NMPA) 药品审评中心 (CDE) 授予奥雷巴替尼联合低强度化疗突破性疗法认定，用于一线治疗新诊断的费城染色体阳性患者。

acute lymphoblastic leukemia

急性淋巴细胞白血病

。

Analyst Brian Cheng on Wednesday initiated Ascentage Pharma with an Overweight rating and

分析师Brian Cheng在周三对亚盛医药给予“增持”评级并启动覆盖，

a price target of $27

27美元的目标价

。

Concurrently, the Chinese biotech reported 2024 sales of $134.3 million, up 342% year over year, primarily attributable to an option payment of $100 million received in June 2024 from

同时，这家中国生物技术公司报告称，2024年的销售额为1.343亿美元，同比增长342%，主要归因于2024年6月从某公司获得的1亿美元期权付款。

Takeda Pharmaceutical Co Ltd

武田药品工业株式会社

TAK

是的。

under the Exclusive Option Agreement.

根据独家选择权协议。

The initial public offering resulted in net proceeds of $132.5 million, which, together with existing cash and cash equivalents, loan facilities, future sales, and other potential payments, will provide a cash

首次公开募股带来了 1.325 亿美元的净收益，加上现有的现金及现金等价物、贷款设施、未来销售和其他潜在付款，将提供现金流支持。

runway through 2027

通过2027年的跑道

。

JP Morgan analyst Brian Cheng writes that revenue-generating olverembatinib should reach 1.6 billion Chinese Yuan in peak sales by 2030 in China alone.

摩根大通分析师Brian Cheng写道，仅在中国，营收来源olverembatinib到2030年巅峰销售额应能达到16亿人民币。

“With the Takeda partnership (up to $1.2bn biobucks) in place for olver’ and multiple global trials now underway, we believe AAPG is on the path to move onto the world stage. We believe its fundamentals and pipeline story remain disconnected from the current valuation today,” JP Morgan writes.

“随着武田制药合作（高达12亿美元的生物收益）的达成，以及多项全球试验的展开，我们相信AAPG正走向世界舞台。我们认为其基本面和研发管线的故事仍未反映在当前的估值中，”摩根大通写道。

The analyst says the company’s lead assets are differentiated with encouraging signs of best-in-class potential compared to efficacy data points across multiple indications versus standard care.

分析师表示，与标准治疗相比，该公司的主要资产在多个适应症上的疗效数据点显示出同类最佳潜力的差异化和令人鼓舞的迹象。

Price Action:

价格行为:

AAPG stock is up 11.6% at $20.50 on Thursday’s last check.

AAPG股票在周四最后一次交易中上涨了11.6%，达到20.50美元。

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AAPG

美国石油地质学家协会

Ascentage Pharma Group International