将第三种IBD联合疗法纳入估值，目标价上调至135美元

23 June 2026 SYRE.OQ SYREUS United States BioPharma Adding Third IBD Combo to Our ValuationAhead of IL-23 Data; PT to $135 (+$20) Research Analyst+1-212-250-1184 The majority of the Paragon-incubated/Fairmount-backed family of companies, Research Associate+1-929-354-4311 including SYRE (+14%), ORKA (+18%), and JADE (+16%), traded up significantlytodayvs.XBI (+4%) in sympathyto APGE (+47%)following announcement of thelatter's$10.9BacquisitionbyABBV (+6%)(seeournotehere).WebelievetheParagon group's antibody strategies in I&l indications are now resonating withinvestorsshiftsfrom"me-too"assetstoattractivedifferentiatednent/extensionthatfitwell withinproducestablishedvelopment.WhileSYREtoviewthwhichwouldlikelytrytoassignvalueindividuacombodrugsanditsex-IBDfranchiseheadofopen-labelSPYO03(IL-23)monotherapE's third and final IBD combo,SPY130（α4B）includingvalueforall threeco(120,SPY130,SPY230).Whilethereislikelytobea"bestlandscape of monotherapies.With each combo having potential tobe a multi-blockbusterdrug,largepharma'sappetitetodoabolt-onacquisitionforuptomid-teens billions could be justified, in our view.Aside from IBD,the separateadditional upside for a strategic, which provides a modest contribution to ourvaluation. Our changes related to SPY130 drive our new PT of $135 (prev. $115),and we reiterate our Buy rating on SYRE shares. Price target (USD) Source:Deutsche Bank UpdatestoOurModel Toplinerevenueforecastincreased:2040 risk-adjustedpeaksalesraisedto$6.32B (from$5.23B)forUC/CDcombined,drivenbyanupdateinourIBD combo therapy outlook (+$24 per share). SPY120 (α4β7 + TL1A): We maintain risk-unadjusted peaksalesof$2.53BforUC/CDcombined.WemaintainPOS70%forUC and POS 60% for CD, yielding risk-adjusted peak sales of$1.09B. SPY130 (α4β7 + IL-23) [New]: For the first time, we add risk-unadjustedpeaksalesof$2.53BforUC/CDcombined.We Deutsche Bank Securities Inc. IMPORTANTRESEARCHDISCLOSURESANDANALYSTCERTIFICATIONSLOCATEDINAPPENDIX1.DeutscheBankdoesandseekstodobusinesswithcompanies coveredinitsresearch reports.Thus,investorsshouldbeawarethatthefirmmayhavea conflictof interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making theirinvestment decision. adjusted peak sales of $1.09B for UC/CD combined.SPY230 (IL-23+TL1A): We maintain risk-unadjusted peak sales of $9.57B for UC/CD combined. We maintain POS 70% for UCand POS 60% for CD, yielding risk-adjusted peak sales of$4.14B. WeincreaseR&Dexpensesintheouteryearsofourmodeltoaccountforparallel development of multipleIBD combos (-$5 per share). Spyre Therapeutics: SPY002 (TL1A) Mono Tx Data in Line with Expectationsand Bodes Well for CombosSpyre Therapeutics: ABVX Safety Signal in IBD Creates Opportunity forSYRE; PT to $115 (+$13)Spyre Therapeutics: 1Q26: Adding Multiple IBD Combos to OurValuation; PT to $102 (+$16) Key investment risks include 1) failure in any of the ongoing or planned clinical trialsof thedevelopment programs,includingSPY001,SPY002,SPY003,SPY120,SPY130,SPY230,andSPY072;2)anymaterialdelayorfailuretoobtainregulatoryapprovalfortheseprograms;3)loss of competitive advantageand/orfavorable reimbursement schemes in commercializing approved drugproducts;4)competitivepressurefromcurrentlymarketedproductsand/orinvestigationaltherapies; and 5) dilution of current shares from additional financing to supportcompanyoperationsanddevelopmentplans. Valuation Ourtarget priceforSYREis based ona risk-adjusteddiscounted cash flow (DCF)valuation with cash flows forecasted through 2040, which assumes a WACC of15% (risk-free rate of 4.0%, equity risk premium of 8.7%, and beta of 1.5) to reflecttherisksassociatedwithsmall/mid-capbiotechcompaniesandaterminalgrowthrate of 0% based on pipeline dynamics, patent expirations, and visibility of thecompany'srevenueandnetincomestreams. Appendix 1 exchanges via Reuters, Bloomberg and other vendors. Other information is sourced from Deutsche Bank, subjectcompanies,andothersources. research, please see the most recently published company report or visit our global disclosure look-up page on ourwebsite at https://research.db.com/Research/Disclosures/EquityResearchDisclosures. Aside from within this report,importantriskandconflictdisclosurescanalsobefoundathttps://research.db.com/Research/Disclosures/Disclaimer.Investors are strongly encouraged to reviewthis information before investing. AnalystCertification addition, the undersigned lead analyst(s) has not and will not receive any compensation for providing a specificrecommendation or view in this report. David Hoang, M.D., Ph.D.. Spyre Therapeutics DBSI Companies under CoverageBuyHold Company Rating and Dispersion Key The above table provides a snapshot of Deutsche Bank's company research rating distribution across our coveredcompanies.We also present the percentage of companies where Deutsche Bank has provided Investment BankingServices in the past 12 months and/or MIFID Investment a