金吾财讯 | 交银国际发研报指，和黄医药(00013)宣布以6.08亿美元元（约14倍2023年市盈率）现金向上海金浦健服和上海医药出售其在上海和黄药业45%股权。金浦健服和上海医药将分别以4.73亿和1.35亿美元现金收购上海和黄药业35%和10%的股权，和黄医药则在交易后保留5%股权。公司预计上述交易将带来4.77亿美元的税前收益，其中大部分将反映在2025年业绩中。该行指，公司计划将上述款项用于开发内部产品管线，推进其核心业务战略，重点包括：1）下一代抗体靶向偶联药物（ATTC）平台，预计该平台上的首款候选药物将于2H25进入临床试验。2）后续创新药物在海外与中国的同步开发，以及全球BD战略性布局。该行认为本次交易条件合理、有利于公司长期发展，调整公司盈利预测、上调DCF目标价至44.0港元(原40.4港元)/28.2美元，维持买入评级。公司2025年相关催化剂包括：1）阿斯利康将提交赛沃替尼的首个海外NDA（2/3LMET异常泰瑞沙难治性NSCLC）；2）中国III期SACHI研究（2LMET扩增的EGFRTKI难治性NSCLC）已达到主要终点，sNDA申请获受理并给予优先审评；3）索乐匹尼布滚动递交补充材料，预计年内有望获批。
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