医药行业点评报告：ADC重磅交易再现艾伯维百亿收购IMMUNOGEN

太平洋证券股份...2023-12-04

事件：11 月30 日，艾伯维(ABBV.US)宣布，同意以约100亿美元的现金收购新型抗癌疗法抗体偶联药物(ADC)开发商ImmunoGen (IMGN.US)。消息公布后，ImmunoGen 当天收盘价飙升逾80%。根据条款，艾伯维将为每股ImmunoGen 股票支付31.26 美元现金，较前一日收盘价溢价94.6%。艾伯维表示，这项交易预计将于2024 年中期完成。专利悬崖下，艾伯维急需新的...

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年Q3 财报显示，Q3 营收为139.27 亿美元，同比下降6%；净利润为17.78 亿美元，去年同期为39.49 亿美元，净利润同比下降超50%。其中免疫学板块销售额为67.83 亿美元，同比下降11.3%，主要原因就是修美乐专利到期，竞争加剧。修美乐自从2012 年登顶药王宝座后，蝉联十年药王，为艾伯维贡献了超2000 亿美元的销售额，撑起了艾伯维营收的半壁江山。修美乐的专利陆续到期，市场被生物类似药所瓜分已成定局，营收下降已是不可避免。通过大手笔收购补充管线，规避专利悬崖导致的营收下降，是艾伯维的当务之急。此次收购将加强艾伯维在肿瘤治疗领域的实力ImmunoGen 是ADC 研发领域的老兵，研发的ADC 药物已经有三款获批：Kadcyla,Sarclisa 和Elahere。公司当前的潜力管线有First-in-class 的FRα ADC 药物Elahere 和一款靶向血液瘤的CD123 ADC,其中Elahere 有望带来数十亿美元的收入，我们认为这是此次并购的主要原因。此外，公司合并后，ImmunoGen 的产品线，平台和专业知识将添加到艾伯维的肿瘤学产品组合中，推动ADC 创新的实力。肿瘤治疗领域被认为是永不落幕的赛道。没有乘上PD-1 列车的跨国药企，ADC 这个赛道不容再错过。当专利悬崖迫近，ADC 已成为跨国药企BD 的首选。投资建议：推荐目前重视布局ADC 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医药行业点评报告：ADC重磅交易再现 艾伯维百亿收购IMMUNOGEN

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医药行业点评报告：ADC重磅交易再现艾伯维百亿收购IMMUNOGEN