One more deal with AstraZeneca, this time in siRNA: Quick Note

Research evidence excerpt

One more deal with AstraZeneca, this time in siRNA: Quick Note

Global Markets Research

CSPC 1093.HK 1093 HK 2 July 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

RatingOne more deal with AstraZeneca, this time in siRNA Remains Buy

Target price HKD 12.04 RemainsQuick Note

Closing price HKD 7.55 2 July 2026What is new？Another collaboration deal signed with AstraZeneca

On 2 July, post market close, CSPC announced that it has entered into a R&D

collaboration agreement with AstraZeneca (AZN LN, Not rated) to collaborate on pre-

clinical candidates (PCC) for two targets indicated for renal diseases across multiple Research Analysts

indications. China Health Care &

PharmaceuticalsUnder this agreement, 1) AstraZeneca will have the option to obtain the exclusive rights

Jialin Zhang, CFA, CPA - NIHK(as applicable) to each PCC program, globally or ex-China, and 2) CSPC will retain the jialin.zhang@nomura.com

rights to one of the PCCs in China. +852 2252 6134

In exchange, CSPC will receive an upfront payment of USD30mn and be eligible to

receive potential development milestones of up to USD540mn, and up to USD1.2bn in

potential sales milestones, plus single-digit sales royalties on these PCCs.

Our take: financial benefits lower than those in previous deals; but reflects the

company’s siRNA capability

CSPC has collaborated with AstraZeneca thrice before, granting the latter research

programs in Lp(a), GLP-1/GIP, AI platform etc. Management has highlighted its siRNA

platform; thus, we believe investors should have expected it to be out-licensed.

Since the renal disease market is smaller compared with oncology, diabetes/obesity,

cardiovascular diseases, we think it explains the smaller upfront payment and milestones