久违的RC148授权给艾伯维速报

Global Markets Research12 January 2026 RemeGen688331.SS 688331 CH EQUITY: HEALTH CARE & PHARMACEUTICALS Long-awaited RC148 out-licensed to AbbvieQuick Note What is new? Remegen out-licensed RC148 (PD1/VEGF) and bags USD650mnupfront payment On 12 Jan evening after market close (HKT), Remegen announced to out-licenseexclusive ex-Greater China rights of RC148 (PD1/VEGF) to Abbvie (ABBV US, Not rated). Research Analysts China Health Care &Pharmaceuticals Remegen will obtain an USD650mn upfront payment, up to USD4.95bn milestones and,tiered double-digit sales royalties on product sales of this molecule. Jialin Zhang, CFA, CPA - NIHKjialin.zhang@nomura.com+852 2252 6134 RC148 is one of Remegen’s key clinical-stage assets (Phase II) that the market has paidclose attention to in terms of out-licensing deals since last year after several China- Our take: quite a good deal for RemegenWe believe the USD650mn upfront payment is quite good for Remegen that once faced financial constraints (by end-9M25, the company had CNY1.45bn cash on hand orequivalents, while it recorded a loss of CNY550mn in 9M25), though smaller than theUSD1.25bn upfront payment that Pfizer (PFE US, not rated) paid for 3S Bio’s (1530 HK,Not rated) SSGJ-707 (PD1/VEGF). Note that the milestone payment of Abbvie/Remegen We maintain our Neutral rating and DCF-based TP of CNY57.76 for Remegen. Production Complete: 2026- Appendix A-1 This report has been produced by Nomura International (Hong Kong) Ltd. (NIHK), Hong Kong.SeeDisclaimersfor Nomura Group entity details. Analyst Certification I, Jialin Zhang, hereby certify (1) that the views expressed in this Research report accurately reflect my personal views about any or all of thesubject securities or issuers referred to in this Research report, (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 and (3) no part of my compensation is tied to any specific investment Issuer Specific Regulatory Disclosures The terms "Nomura" and "Nomura Group" used herein refer to Nomura Holdings, Inc. and its affiliates and subsidiaries, including NomuraSecurities International, Inc. ('NSI') and Instinet, LLC ('ILLC'), U. S. registered broker dealers and members of SIPC. Materially mentioned issuers Valuation MethodologyWe derive our taget price of CNY57.76 from a DCF model assuming WACC of 11.2% and terminalgrowth of 3.0%, The benchmark for the stock is CSI300.Risks that may impede the achievement of the target priceUpside risks: 1. Potential RC18 and RC148 out license; 2. Better-than-expected commercialization; Downside risks: 1. Financial health; 2. Slow than expected sales ramp up 3.Discouraging clinical result; Valuation MethodologyWe derive our target price of HKD47.60 from a DCF model assuming WACC of 11.2% and terminalgrowth of 3.0%. The benchmark for the stock is Hang Seng Index.Risks that may impede the achievement of the target priceUpside risks: 1. Potential RC18 and RC148 out license; 2.Better-than-expected commercialization; Downside risks: 1. Financial health; 2. Slow than expected sales ramp up 3. Discouraging clinical result; Important Disclosures Online availability of research and conflict-of-interest disclosures Nomura Group research is available onwww.nomuranow.com/research, Bloomberg, Capital IQ, Factset, LSEG. Important disclosures may be read athttp://go.nomuranow.com/research/m/Disclosuresor requested from Nomura Securities International, Inc.If you have any difficulties with the website, please emailgrpsupport@nomura.comfor help. The analysts responsible for preparing this report have received compensation based upon various factors including the firm's total revenues, aportion of which is generated by Investment Banking activities. Unless otherwise noted, the non-US analysts listed at the front of this report arenot registered/qualified as research analysts under FINRA rules, may not be associated persons of NSI, and may not be subject to FINRA Rule Nomura Global Financial Products Inc. (NGFP) Nomura Derivative Products Inc. (NDP) and Nomura International plc. (NIplc) are registered withthe Commodities Futures Trading Commission and the National Futures Association (NFA) as swap dealers. NGFP, NDPI, and NIplc are Distribution of ratings (Nomura Group) The distribution of all ratings published by Nomura Group Global Equity Research is as follows: 56% have been assigned a Buy rating which, for purposes of mandatory disclosures, are classified as a Buy rating; 36% of companies with thisrating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to trading on a regulated market in the EEA) 42% have been assigned a Neutral rating which, for purposes of mandatory disclosures, is classified as a Hold rating; 56% of companies withthis rating are investment banking clients of the Nomura Group*. 0% of companies (which are admitted to t