Introduce Bepirovirsen From GSK to Enrich Hepatitis Portfolio

Goldman Sachs maintains a Buy rating on Sino Biopharmaceutical (1177.HK) and raises its price target to HK$8.05 following the company's exclusive licensing deal with GSK for bepirovirsen in China.

Key Takeaways

• 1.Sino Biopharmaceutical (SBP) has secured exclusive China commercial rights for bepirovirsen, a potential first-in-class functional cure for chronic hepatitis B (CHB) from GSK.
• 2.The deal is expected to revitalize SBP's hepatitis franchise, with estimated peak sales of approximately Rmb5 billion for the drug in China.
• 3.SBP's price target has been raised to HK$8.05 (from HK$7.43) to reflect the inclusion of bepirovirsen sales in valuation models.

Table of Contents

• Price Target Risks and Methodology - Sino Biopharmaceutical
• Disclosure Appendix
• Reg AC
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Disclosures required by United States laws and regulations
• Additional disclosures required under the laws and regulations of jurisdictions other than the United States
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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