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<Research>JPM Trims INNOVENT BIO (01801.HK) TP to $110, Expects Licensing Co-op to Benefit US Mkt Development
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INNOVENT BIO (01801.HK) recently announced a global collaboration agreement with Takeda Pharmaceutical (4502.JP), involving an upfront payment of US$1.2 billion and potential milestone payments of up to US$11.4 billion, according to JPMorgan's research report. This is the second-largest out-licensing agreement globally in terms of transaction value. JPMorgan believed that the above arrangement allows the Company to establish a much solid market position in the US and develop the capabilities needed for independent global clinical development and commercialization. Therefore, the broker reaffirmed INNOVENT BIO as its top pick in China's biopharma sector, and trimmed its target price from $114 to $110, with rating kept at Overweight. AASTOCKS Financial News Website: www.aastocks.com |
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