UBS Keeps "Buy" Rating on InnoCare Pharma with HK$21.80 Target Price

Deep News

Sep 27

UBS has released a research report maintaining its "Buy" rating and HK$21.80 target price for InnoCare Pharma (09969).

InnoCare Pharma has entered into a collaboration with Eli Lilly (LLY.US) to discover and develop up to five innovative target projects. The investment bank views this positively, considering it a recognition of the company's research and development capabilities.

The bank noted that the upfront payment and near-term milestone payments total US$100 million, with potential development and commercial milestone payments reaching US$3.25 billion, along with tiered royalties in the single-digit percentage range on net sales.

According to management, all projects will begin from the drug discovery stage. The related payments could bring upside potential to revenue and net profit in 2026.

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The investment bank views this positively, considering it a recognition of the company's research and development capabilities.<br><br>The bank noted that the upfront payment and near-term milestone payments total US$100 million, with potential development and commercial milestone payments reaching US$3.25 billion, along with tiered royalties in the single-digit percentage range on net sales.<br><br>According to management, all projects will begin from the drug discovery stage. 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