Pharmablock Sciences (Nanjing) Inc(300725) (300725)
event
On December 28, Pharmablock Sciences (Nanjing) Inc(300725) and Jiangsu Aidea Pharmaceutical Co.Ltd(688488) signed the project cooperation development framework contract on the joint development of anti HIV long-acting therapeutic drugs. The two sides will jointly establish the project and jointly determine the targets and indications of anti HIV long-acting therapeutic drugs. The down payment of the contract is 2 million yuan, and the cumulative total amount of milestone payment is 119 million yuan. In addition, if the drug is successfully approved for listing, Pharmablock Sciences (Nanjing) Inc(300725) will also receive a sales commission of 5% – 7% of the annual net sales (excluding tax) of the approved drug.
make a concise evaluation
Pharmablock Sciences (Nanjing) Inc(300725) continuously deepen the integrated layout of the industrial chain and create a medicine stone brand. Pharmablock Sciences (Nanjing) Inc(300725) has been deeply engaged in the field of molecular blocks for many years and can provide customers with efficient services. In the future, the company will continue to deepen the integrated layout of the industrial chain, expand the cdmo service capacity, continuously build and improve the quality and EHS system, and ensure the compliance, stable and sustainable supply of products required by customers’ projects. At the same time, the company will continue to strengthen the application of innovative technologies, apply innovative chemical technologies such as continuous flow chemistry, micro packed bed and heterogeneous catalysis to large-scale production, and further create the dual brands of “medicine stone R & D” + “medicine stone manufacturing”.
Jiangsu Aidea Pharmaceutical Co.Ltd(688488) deeply cultivate HIV and other fields, with strong R & D strength. Jiangsu Aidea Pharmaceutical Co.Ltd(688488) has been deeply distributed in the field of HIV innovative drugs for many years, has strong R & D strength and outstanding competitive advantage. In June this year, Jiangsu Aidea Pharmaceutical Co.Ltd(688488) of a new anti HIV oral drug enovirin tablets was approved for listing, and successfully entered the national medical insurance catalogue by the end of this year through negotiation.
Strong and strong will jointly build new anti HIV drugs and actively pay attention to the profit elasticity of cooperation. Pharmablock Sciences (Nanjing) Inc(300725) and Jiangsu Aidea Pharmaceutical Co.Ltd(688488) will jointly develop long-acting anti HIV drugs through this cooperation. Among them, Pharmablock Sciences (Nanjing) Inc(300725) will be mainly responsible for the structural design and synthesis of new compounds Activity screening of new compounds (enzyme activity test only), drug screening to the selection and confirmation of preclinical candidate compound molecules, and responsible for compound patent application. This cooperation between the two sides will give full play to the synergy and continuously accelerate the research and development progress of new HIV drugs, so as to benefit the majority of patients. We believe that we should actively pay attention to the research and development progress, milestone payment progress and drugs of this cooperation project The sales commission after the market may bring additional profit elasticity to the company.
Profit adjustment and investment suggestions
We expect EPS to be 3.20/2.64/3.56 yuan and corresponding PE to be 48 / 58 / 43 times respectively from 2021 to 2023, maintaining the “buy” rating.
Risk statement
R & D falls short of expectations, sales falls short of expectations, raw material prices rise, exchange rate fluctuations, safety production and environmental protection, new business development falls short of expectations, loss of core technicians, lifting the ban risk, dependence risk of key customers, etc.
