Initiating With Overweight: Acute Asthma/ COPD Gateway to Chronic Opportunity

研报英文原文证据摘录

Initiating With Overweight: Acute Asthma/ COPD Gateway to Chronic Opportunity

C O M PA N Y N O T E

2 6 J u n e 2 0 2 6

Connect Biopharma Holdings Ltd. (CNTB) Overweight

CONCLUSION PRICE: US$2.07

We are initiating coverage of Connect Biopharma (CNTB) with an Overweight rating and TARGET: US$7.00

a $7 PT, based on rademikibart's differentiated mechanism, its potentially unique position Our $7 PT is based on a DCF through 2040E

as the only biologic in development for acute asthma and COPD exacerbations, and a (15% discount rate) and assumes future

near-term catalyst-rich setup anchored by Sept 2026 Seabreeze STAT topline data in revenues for rademikibart in acute and chronic

asthma, followed shortly thereafter by the COPD readout. We believe CNTB is positioned asthma and COPD in the US and EU.

to establish a first-mover advantage in the acute respiratory biologic market, a white

Biren Aminspace where all approved biologics carry explicit label warnings against acute use, while Sr. Research Analyst, Piper Sandler & Co.

simultaneously leveraging the acute indication as a gateway to the significantly larger 732 284-6909, biren.amin@psc.com

chronic maintenance opportunity. Our model estimates peak risk-adjusted acute sales of Felicia Berben, PharmD

~$165M and chronic sales of ~$1.26B. Research Analyst, Piper Sandler & Co.

212 284-9412, felicia.berben@psc.com

• Rademikibart is targeting the unmet need in acute asthma and COPD Michael Mazzola, Ph.D.

exacerbations. All approved biologics for asthma/COPD carry explicit label warnings Research Analyst, Piper Sandler & Co. 212 284-9397, michael.mazzola@psc.com

against acute use, leaving a critical unmet need. Rademikibart's dual mechanism