[ET Net News Agency, 25 May 2018] Morgan Stanley raised its target price for Luye
Pharma Group (02186) to HK$7.5 from HK$5.2, but downgraded its rating to "underweight"
from "equal-weight".
The research house believes the stock has run up because its key product Lipusu has done
better than expected. However, Morgan views Lipusu's market position as vulnerable. Its
non-inclusion in the NRDL means Luye will need to defend its reimbursement status province
by province.
CSPC Pharmaceutical's (01093) albumin-bound paclitaxel has been approved, and CSPC is
launching it at a significant price discount to Abraxane (Rmb10k per course versus Rmb24k
for Abraxane and Rmb7k for Lipusu).
Separately, Luye announced that it would acquire the rights to sell Seroquel and
Seroquel extended-release in 51 countries from AstraZeneca for US$546mn. Though acquired
at a modest 5x 2017 EBITDA, Morgan views the deal as quite expensive. (KL)
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02186 LUYE PHARMA
Nominal 
2.720 +0.020 (+0.741%) Others
25/05/2018 17:40
[I-bank focus]Morgan raises Luye Pharma (02186) to HK$7.5
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