Citi: Sino Biopharmaceutical (01177.HK) Forms Biosimilar Strategic Partnership with STADA, Maintains "Buy" Rating

Citi released a research report stating that Sino Biopharmaceutical's (01177.HK) subsidiary Chia Tai Tianqing has entered into a strategic collaboration with German pharmaceutical company STADA for biosimilars, granting STADA exclusive rights to commercialize pembrolizumab biosimilar (TQB3570, an anti-PD-1 monoclonal antibody) in the European Union, Switzerland, the United Kingdom, and the Commonwealth of Independent States, with the option to expand into the United States and Gulf Cooperation Council (GCC) markets. The bank views the collaboration as a positive surprise and maintains its "Buy" rating on Sino Biopharmaceutical with a target price of HK$10.8.