梯瓦制药研发日要点及对Xencor的影响

Restricted - External XNCRUNDERWEIGHTU.S. Small & Mid CapBiotechnologyPOSITIVEPrice TargetUSD 6.00Price (29-May-25)USD 7.74Potential Upside/Downside-22.4%Source: Bloomberg, Barclays ResearchU.S. Small & Mid Cap BiotechnologyPeter Lawson, DPhil (Oxon)+1 212 526 9445peter.lawson@barclays.comBCI, USXiao Guo+1 212 526 9609xiao.guo@barclays.comBCI, USAlexandre Bouilloux+1 212 526 9937alexandre.bouilloux@barclays.comBCI, USWei Cheng, PhD+1 212 526 5149wei.cheng@barclays.comBCI, US •Positive read-through:Validates TL1A’s commercial relevance and platform potential.••Negative read-through:Sets a high bar for both safety &efficacyand scale that may be•difficultfor earlier-stage players like Xencor to match without a major partner.IL-15 / PD-1-IL-2 Fusion – Read-through to Xencor and MacroGenics•Teva highlighted continued investment in IL-15 agonist program (Tev-53408) in auto immune•conditions (Ph.2 in Celiac and Ph.1 in Vitiligo) and PD-1/IL-2 fusions program (Tev-56278) inoncology, currently in early-stage clinical testing.•Though no new data, the emphasis on selective immune activation with improved tolerability•directly overlaps with MacroGenics’ checkpoint-based bi specifics and Xencor's T cellengaging bispecific antibody.•The PD-1/IL-2 fusion program (Tev-56278) is being positioned for solid tumor, potentially as•standalone or combo therapies, similar to Macrogenics ongoing trials.•Positive read-through: Reinforces industry confidence in the cytokine/bispecific•immunomodulation approach.•Neutral-to-negative: Lack of clinical data and tumor focus from Teva meansdifferentiationfor•MacroGenics is unclear. 2 Analyst(s) Certification(s):I, Peter Lawson, DPhil (Oxon), hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all ofthe subject securities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related tothe specific recommendations or views expressed in this research report.Important Disclosures:Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). Allauthors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflects thelocal time where the report was produced and maydifferfrom the release date provided in GMT.Availability of Disclosures:Where any companies are the subject of this research report, for current important disclosures regarding those companies please refer to https://publicresearch.barclays.com or alternatively send a written request to: Barclays Research Compliance, 745 Seventh Avenue, 13th Floor, New York, NY10019 or call +1-212-526-1072.The analysts responsible for preparing this research report have received compensation based upon various factors including the firm's total revenues,a portion of which is generated by investment banking activities, the profitability and revenues of the Markets business and the potential interest of thefirm's investing clients in research with respect to the asset class covered by the analyst.Analysts regularly conduct site visits to view the material operations of covered companies, but Barclays policy prohibits them from accepting paymentor reimbursement by any covered company of their travel expenses for such visits.Barclays Research Department produces various types of research including, but not limited to, fundamental analysis, equity-linked analysis,quantitative analysis, and trade ideas. Recommendations contained in one type of Barclays Research maydifferfrom those contained in other types ofBarclays Research, whether as a result ofdifferingtime horizons, methodologies, or otherwise.In order to access Barclays Statement regarding Research Dissemination Policies and Procedures, please refer to https://publicresearch.barclays.com/S/RD.htm. In order to access Barclays Research Conflict Management Policy Statement, please refer to: https://publicresearch.barclays.com/S/CM.htm.Primary Stocks (Ticker, Date, Price)Xencor, Inc.(XNCR, 29-May-2025, USD 7.74), Underweight/Positive, CE/JMaterially Mentioned Stocks (Ticker, Date, Price)Macrogenics, Inc.(MGNX, 29-May-2025, USD 1.40), Overweight/Positive, CE/JUnless otherwise indicated, prices are sourced from Bloomberg and reflect the closing price in the relevant trading market, which may not be the lastavailable closing price at the time of publication.Disclosure Legend:A:Barclays Bank PLC and/or anaffiliatehas been lead manager or co-lead manager of a publicly disclosedofferof securities of the issuer in theprevious 12 months.B:An employee or non-executive director of Barclays PLC is a director of this issuer.CD:Barclays Bank PLC and/or anaffiliateis a market-maker in debt securities issued by this issuer.CE:Barclays Bank PLC and/or anaffiliateis a market-maker in equity securities issued by this issuer.CH:Bar