CICC: Maintains "Outperform" rating on Sino Biopharmaceutical (01177.HK) with target price of HK$8.90; strategic cooperation reached with Boehringer Ingelheim

Zhitong Finance APP has learned that CICC has issued a research report stating that it maintains an "Outperform" rating and a target price of HK$8.90 for Sino Biopharmaceutical (01177.HK), corresponding to P/E ratios of 26.5x and 23.7x for 2026 and 2027, respectively, implying 73% upside. On November 4, the company announced a strategic option and license agreement with Boehringer Ingelheim (BI), covering 6 preclinical ADC and TCE projects. The company will receive US$358 million in upfront and near-term payments and is eligible to receive potential milestone payments totaling US$7 billion as well as sales royalties of up to a double-digit percentage. The bank believes that this platform-based collaboration further demonstrates that the company's early-stage innovative R&D capabilities have gained recognition.