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    2616   KYG2588M1006

CSTONE PHARMACEUTICALS

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Cstone Pharmaceuticals and Jiangsu Hengrui Pharmaceuticals Announce Strategic Partnership and Exclusive Licensing Agreement on Anti-CTLA-4 Monoclonal Antibody CS1002 in Greater China

11/21/2021 | 04:02am EST

CStone Pharmaceuticals and Jiangsu Hengrui Pharmaceuticals announced a strategic partnership and exclusive licensing agreement on anti-CTLA-4 mAb CS1002 in the Greater China region. This strategic partnership marks another milestone in CStone's mission to introduce innovative oncology therapies in China after the commercial launch of two first-in-class drugs this year. Under the terms of the agreement, CStone will be eligible for an upfront payment and potential milestone payments up to $200 Mn in addition to double-digit royalties. Hengrui will obtain the exclusive rights for research, development, registration, manufacturing, and commercialization of anti-CTLA-4 mAb CS1002 in Greater China. CStone will retain the rights to develop and commercialize of CS1002 outside of Greater China. Cytotoxic T lymphocyte associated antigen 4 (CTLA-4) is one of the few clinically validated targets for IO combination therapies. There is only one anti-CTLA-4 monoclonal antibody approved globally, and it is also approved in China. According to EvaluatePharma, the annual global revenue of the product in 2020 was approximately $1.69 billion. CS1002 is an investigational anti-CTLA-4 monoclonal antibody being developed by CStone currently in clinical development. Results from the ongoing Ph1a/1b study showed that differentiated dosing schedules of CS1002 in combination with CS1003 (anti-PD-1) were well-tolerated and demonstrated very encouraging efficacy in anti-PD-(L)1-refractory melanoma, anti-PD-(L)1-refractory hepatocellular carcinoma, and anti-PD-(L)1-na?ve, pretreated microsatellite instability high/deficient mismatch repair (MSI-H/dMMR) tumors.


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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 -4,44x
Yield 2021 -
Capitalization 7 081 M 1 117 M 1 119 M
EV / Sales 2021 21,4x
EV / Sales 2022 5,08x
Nbr of Employees 573
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 5
Last Close Price 6,08 CNY
Average target price 13,00 CNY
Spread / Average Target 114%
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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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