BOCI Securities: Raises Sanse Pharmaceutical's target price to HK$21.8 and maintains a "buy" rating.

Bank of China International released a research report stating that Sanse Pharmaceutical recently announced a global license transfer agreement with Pfizer for a PD-1/VEGF bispecific antibody outside of China. The transaction includes a 1.25 billion US dollar upfront payment, up to 4.8 billion US dollars in milestone payments, and double-digit percentage tiered sales milestone payments. The bank believes that the transaction size exceeds market expectations, and will include the upfront payment in the group's income forecast for the 2025 fiscal year, as well as the overseas contribution of SSGJ-707 after the 2029 fiscal year in the evaluation scope. The target price has been raised from 12.7 Hong Kong dollars to 21.8 Hong Kong dollars, maintaining a "buy" rating.