Lates News

Bank of China International published a research report stating that Sanofi announced a global licensing agreement with Pfizer for the PD-1/VEGF bispecific antibody (SSGJ-707) outside of China. The agreement includes a licensing fee of 1.25 billion US dollars, milestone payments of up to 4.8 billion US dollars, and double-digit percentage sales milestone payments. The bank believes that the scale of the transaction exceeds market expectations, and has included the upfront payment in the group's revenue 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, and the "buy" rating has been maintained.