与武田制药建立战略合作伙伴关系，以发展全球研发和商业能力

Strategicpartnership with Takeda to developglobal R&D and commercial capability Target PriceHK$110.62(Previous TPHK$109.48)Up/Downside29.8%Current PriceHK$85.20 Innoventhasannounceda global strategicpartnershipwith Takedaonseveralkey oncology assets, including IBI363 (PD-1/IL-2), IBI343 (CLDN18.2ADC), andpotentially IBI3001 (EGFR/B7H3 ADC). This partnership is designed toexpandInnovent’sglobalfootprint, whilestrengtheningTakeda's solid tumor pipeline.Under the agreement, Takeda will lead global development of IBI363, withInnovent sharing 40% of the development costs. The two companies will co-commercialize IBI363 in the US, with Innovent retaining 40% ofthecommercialrights. For IBI343,Takeda will holdglobalrights outside China. Takedawillalsoreceive an option to license IBI3001 for markets outside China.Innovent willreceive a total upfrontpaymentof US$1.2bn, including a US$100mnequityinvestment at HK$112.56 per share. The deal includes potential milestonepayments,bringingthe total value to US$11.4bn,plusadditionalroyalties. China Healthcare Jill WU, CFA(852) 3900 0842jillwu@cmbi.com.hk Andy WANG(852) 3657 6288andywang@cmbi.com.hk Alandmark step for Innovent to expand global presence.Innoventaimsto evolve into a fully integrated biopharmaorganization with global R&D andcommercial capabilities, targeting the advancement of at leastfiveassetsinto global Ph3 MRCTs by 2030. Innovent has established a discoveryresearch lab in the USand plans to scale its US R&D team to 100-200 by2026. While the associated investment is expected to be substantial, webelievethe long-term strategic and commercial upside could beconsiderable if successfully executed. As of Jun 2025, Innoventremainedwell-capitalized with a cash balance of US$2.1bn, providing a solid financialfoundation to support its global ambitions. Stock Data To bolster Takeda’s oncology pipeline in the solid tumor space.In fiscal2024, Takeda reported total revenue of US$30bn, including US$3.7bnfromoncology, mainly contributed by solid tumor assets such as leuprorelin(US$0.8bn) and fruquintinib (US$0.3bn), alongside contributions fromotherhematology products. Thepartnership with Innoventis expected tobolsterTakeda’soncologypipeline with next-generation immuno-oncology assets.As of Jun2025, Takedahada cash balance of US$2.3bnand total debt ofUS$29.7bn.In fiscal 2024, Takeda recorded free cash flow of US$5.1bn. IBI363and IBI343 entering intolate-stageglobaldevelopment.IBI363(PD-1/IL-2)has demonstrated competitive PFS and survival benefit in IO-resistant sq-and nsq-NSCLC, as well as encouraging activity in cold tumorssuch as melanoma and MSS colorectal cancer(CMBI report,link).Innoventis conducting a global Ph3MRCT for IBI363 in IO-resistantsq-NSCLCacross the US and China, and plans to initiate a Ph3trial in3LMSSCRCinChina in 2H25. TheCompany is also exploring earlier lines of therapyforIBI363, withPh1b/2 PoC data in front-line NSCLC and CRC expected in2026. Meanwhile, IBI343 (CLDN18.2 ADC) has entered Ph3for3L+ PDACin China,in addition to its ongoing Ph3 study in 3L+gastric cancer inJapan/China.Subject to positive PoC results, Innovent/Takeda also plan toinitiate global Ph3MRCTs in first-lineGC and PDAC. Source: FactSet Maintain BUY.We look forward to the further global development of IBI363and IBI343.To factor in the new partnership, we revise our DCF-based TPfromHK$109.48toHK$110.62(WACC: 9.5%,terminal growth rate: 4.0%).Earnings Summary Source:Company data,CMBIGM Disclosures& Disclaimers Analyst CertificationThe research analyst who is primary responsible for the content of this research report, in whole or in part, certifies thatwith respect to the securities or issuer that the analyst covered in this report: (1) allof the views expressed accurately reflect his or her personal views about the subject securities or issuer; and (2)no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific views expressed by that analyst in this report.Besides, the analyst confirms that neither the analyst nor his/her associates (as defined in the code of conduct issued by The Hong Kong Securities and Futures Commission) (1) have dealt in or traded in the stock(s) covered in this researchreport within 30 calendar days prior to the date of issue of this report; (2) willdeal in or trade in the stock(s) covered in this research report 3 business days after the date of issue of this report; (3)serve as an officer of any of the HongKong listed companies covered in this report; and (4) have any financial interests in the Hong Kong listed companies covered in this report. CMBIGM RatingsBUY : Stock with potential return of over 15% over next 12 months: Stock with potentialreturn of +15% to-10% over next 12 months: Stock with potential loss of over 10% over next 12 months: Stock is not rated byCMBIGM HOLDSELLNOT RATED :Industry expected to outperform the relevant broad market benchmark overnext 12 months:Industry expected t