[ET Net News Agency, 23 December 2020] Credit Suisse raised its target price for Wuxi
Biologics (02269) to HK$107 from HK$86.67 given potentially improved CRO (contract
research organization) trend in China, and maintained its "outperform" rating.
Wuxi Bio has entered into an Asset Purchase Agreement with Bayer. Wuxi Bio will purchase
Bayer's biologics DS (drug substance) manufacturing plant (MFG19) in Germany for EUR150mn.
Together with the drug product facility in Germany (DP7) purchased from Bayer in April,
the research house believes these two facilities showcase WuXi Bio's determination on
global expansion. The two plants are expected to be ready for production.
Credit Suisse thinks the recent stock strength potentially comes from improved
sentiments over NRDL (National Reimbursement Drug List) negotiation, which boosted
biotech/pharma stock performance in the last two weeks.
Credit Suisse revised its FY2020/21/22 EPS forecasts by (1.3%)/5.3%/4.6% due to revised
analyst estimates on near-term earnings. (KL)
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02269 WUXI BIO
Nominal 
12.700 -0.680 (-5.082%) Research Report
23/12/2020 17:43
{I-bank focus}Credit Suisse lifts Wuxi Bio (02269) to HK$107
| Remark: | Real time quote last updated: 23/09/2024 17:59 |
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