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    2616   KYG2588M1006

CSTONE PHARMACEUTICALS

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CStone Pharmaceuticals and DotBio Pte. Ltd enter into a collaboration agreement

11/08/2021 | 07:05pm EST

CStone Pharmaceuticals and DotBio Pte. Ltd. announced that they have entered into a collaboration agreement. This collaboration represents the first project to be settled at CStone Global R&D Headquarters and Industrialization Base in Suzhou. CStone will lead the design of target combination based on the intended mechanism of action and DotBio will lead the molecular design and engineering. It will become a source of innovative preclinical candidates to support CStone's Pipeline 2.0 strategy, further accelerating drug discovery with denovo design. Under the partnership, the two sides will jointly develop up to three first-in-class or best-in-class next-generation antibody therapies, including multi-functional antibodies and antibody-drug conjugates (ADCs). CStone will take an equity position in DotBio and has the option to acquire global rights to the molecules at predefined terms. DotBio's proprietary DotBody technology platform is based on the concept of modular design. By prefabricating antibody modules with specific functions, DotBio is able to combine them on demand to build multi-functional antibodies quickly and efficiently, improving antibody quality, development success rate and efficiency. This high throughput process allows DotBio to generate multi-specific antibodies, ADCs and intracellular antibodies in a matter of months as opposed to over a year. The DotBody platform has been optimized for autonomous folding, better stability, high expression levels, high concentration, and low aggregation. Under the agreement, CStone will provide DotBio with a fully functional lab space and in-kind resource sharing at CStone Global R&D Headquarters and Industrialization Base during the collaboration period. DotBio will be eligible to earn milestone payments as the drug candidates advance through development. If approved, DotBio is eligible for royalty payments.


ę S&P Capital IQ 2021
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Financials
Sales 2021 254 M 40,2 M 40,2 M
Net income 2021 -1 811 M -286 M -286 M
Net cash 2021 1 652 M 261 M 261 M
P/E ratio 2021 -4,92x
Yield 2021 -
Capitalization 7 860 M 1 010 M 1 243 M
EV / Sales 2021 24,4x
EV / Sales 2022 5,84x
Nbr of Employees 573
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 6,75 CNY
Average target price 13,00 CNY
Spread / Average Target 92,6%
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Managers and Directors
Ning Jun Jiang Chairman & Chief Executive Officer
Jian Xin Yang Chief Medical Officer & Senior Vice President
Xin Zhong Wang Chief Scientific Officer & Senior Vice President
Ting Yuk Wu Independent Non-Executive Director
Hong Bin Sun Independent Non-Executive Director
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