CLSA Raises Innovent Biologics Price Target to HK$139.9, Citing New Overseas Partnership

Stock News07-16 14:30

CLSA has issued a research report noting that Innovent Biologics (01801) announced on July 14th that it has licensed the rights to its immunology drug IBI355 outside Greater China to Spero Therapeutics, in a deal with a total potential value of up to $1.1 billion. The firm believes that although this transaction is smaller in scale than the other two deals secured earlier this year, this latest agreement once again serves as a strong testament to Innovent Biologics' research and development capabilities. Consequently, CLSA has raised its target price for Innovent Biologics from HK$135.8 to HK$139.9, while maintaining its "Outperform" rating.

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