Quick Note - Sinobiopharma (1177 HK) (Buy) - Obtains the commercial rights to an HBV drug

研报英文原文证据摘录

Quick Note - Sinobiopharma (1177 HK) (Buy) - Obtains the commercial rights to an HBV drug

Global Markets Research

Sinobiopharma 1177.HK 1177 HK 11 May 2026

EQUITY: HEALTH CARE & PHARMACEUTICALS

RatingObtains the commercial rights to an HBV drug Remains Buy

Target price HKD 8.67 RemainsQuick Note

Closing price HKD 5.43 8 May 2026What is new? Collaboration with GSK to commercialize bepirovirsen in China

On 11 May noon, SBP announced that it had reached an exclusive agreement with GSK

(GSK LN, Not rated) to commercialize bepirovirsen in China. SBP will book the total sales

of this drug into its financials. Research Analysts

China Health Care &Bepirovirsen is a first-in-class antisense oligonucleotide (ASO) drug candidate indicated

Pharmaceuticalsfor chronic hepatitis B(CHB). This drug candidate was granted priority review by the China

Jialin Zhang, CFA, CPA - NIHKregulator in Apr 2026, and a US FDA decision is expected in Oct 2026, based on clinical jialin.zhang@nomura.com

trials (B-Well 1 and B-Well 2) that demonstrated meaningful statistically significant and +852 2252 6134

clinically meaningful functional cure rates.

China is burdened with c.75mn CHB infection (and c.450k deaths) cases every year. SBP

has a strong presence in the HBV treatment area: its Runzhong (enticavir) once generated

over CNY3bn in annual sales until it was included in volume base procurement; right now,

we reckon sales from it is less than CNY1bn annually.

Our take: a good replenishment of SBP’s HBV portfolio

We are positive on this collaboration for SBP, considering both this drug’s efficacy and the

company’s commercial capability in HBV in China that indicates significant market

potential. This collaboration also reflects SBP’s open attitude toward enriching its R&D

pipeline.