Sino Biopharmaceutical (1177.HK): BD confidence enhanced in market - SBP licensed out PDE3/4 dual inhibitor to AstraZeneca; deal size US$1.9bn

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Sino Biopharmaceutical (1177.HK): BD confidence enhanced in market - SBP licensed out PDE3/4 dual inhibitor to AstraZeneca; deal size US$1.9bn

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07 Jul 2026 22:15:55 ET │ 10 pages

Sino Biopharmaceutical (1177.HK)

BD confidence enhanced in market -SBP licensed out PDE3/4 dual

inhibitor to AstraZeneca; deal size US$1.9bn

CITI’S TAKE Buy

On July 8, SBP announced that its subsidiary Chia Tai Tianqing Price (07 Jul 26 16:10) HK$4.82

Pharmaceutical Group has entered into an exclusive out-licensing Target price HK$10.00

agreement with AstraZeneca for TQC3721’s ex-China rights, inhaled

Expected share price return 107.5% PDE3/4 dual inhibitor targeting chronic respiratory diseases. SBP is

entitled to an upfront payment of US$200mn, with additional Expected dividend yield 1.2%

development, regulatory, and sales-based milestone payments totaling Expected total return 108.7%

up to US$1.9bn, as well as tiered royalties of up to double-digit% on Market Cap HK$90,158M

annual net sales. We think such deal is positive for SBP’s share price and US$11,495M

we remain positive on future BD collaborations for innovative pharma/

biotech. We see recent out-licensing deals done by China Pharma as

further strengthening investors’ confidence on cross border BD; we

reiterate our view that BD momentum will continue to be a major growth John Yung, CFAAC

driver for the innovative pharma/biotech sector. +852-2501-2790

john.yung@citi.com

More about the deal and TQC3721 — TQC3721 is a highly differentiated inhaled Zoe Bian

PDE3/4 inhibitor designed to deliver synergistic bronchodilatory and anti- +852-2501-2752

inflammatory effects through balanced inhibition of both PDE3 and PDE4, with zoe.bian@citi.com

potential best-in-class characteristics across multiple respiratory indications. The