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<Research>CICC Raises SINO BIOPHARM (01177.HK) TP to $7.6, Keeps Rating at Outperform
Recommend 28 Positive 49 Negative 15 |
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SINO BIOPHARM (01177.HK) announced the acquisition of 95.09% stake in LaNova Medicines for US$950.92 million, according to CICC's research report. Upon completion of the acquisition, LaNova Medicines will become a wholly owned subsidiary of SINO BIOPHARM. LaNova Medicines' global innovation capabilities and adequate first-in-class (FIC)/best-in-class (BIC) pipelines are expected to drive a new chapter in SINO BIOPHARM's innovative drug business. Upon completion of the acquisition, the inclusion of a number of quality assets is expected to enrich SINO BIOPHARM's existing oncology pipeline. Therefore, CICC maintained its profit forecasts for SINO BIOPHARM. Considering the ascending valuation pivot of the sector, the broker raised its target price by 26.7% to $7.6, with rating kept at Outperform. AAStocks Financial News Website: www.aastocks.com |
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