Nomura has issued a research report assigning a target price of HK$138.29 and a "Buy" rating to Akeso (09926).
Nomura noted that before the Hong Kong stock market opened on September 29, Akeso and its overseas partner Summit Therapeutics (SMMT.US) announced that Summit had secured a US$2 billion strategic investment from AstraZeneca (AZN.US).
This US$2 billion investment by AstraZeneca in Summit's convertible preferred stock is equivalent to approximately 12% equity in Summit's common stock (10.6% on a diluted basis).
The two parties will also collaborate to evaluate sonesitatug vedotin, a CLDN 18.2 ADC drug licensed by AstraZeneca from a joint venture formed by Keymed Biosciences (02162) and Lepu Biopharma (02157), alongside ivonescimab.
The bank believes this is positive news for the global development of ivonescimab, which is a core component of Akeso's value.