0747 GMT - CSPC Pharmaceutical looks set to benefit from an exclusive licensing agreement with AstraZeneca to develop and commercialize a pre-clinical lipid-lowering drug compound, Nomura research analyst Jialin Zhang writes in a note. As part of the agreement, the pharmaceutical group will receive an upfront payment of US$100 million, the analyst notes. "Although it is too early to comment about the future of this compound, we are positive on the impact on CSPC from this deal," Zhang says. The upfront payment should let CSPC continue investing heavily on research and development, the analyst adds. Nomura maintains the stock's buy rating and target price of HK$9.29. Shares are last at HK$7.04.(amanda.lee@wsj.com)
(END) Dow Jones Newswires
October 08, 2024 03:47 ET (07:47 GMT)
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