---
title: "\"Big Banks\" Citigroup: 3SBIO has reached a cooperation with Pfizer on SSGJ-707, target price raised significantly to 21 yuan"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/240961402.md"
description: "Citi analysts stated that 3SBIO has reached a global licensing collaboration for SSGJ-707 with Pfizer, and 3SBIO will receive a $1.25 billion upfront payment and up to $4.8 billion in potential milestone payments. Citi raised the target price to 21 yuan and maintained a \"Buy\" rating, believing that this deal exceeds market expectations and alleviates investor concerns"
datetime: "2025-05-20T05:48:59.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/240961402.md)
  - [en](https://longbridge.com/en/news/240961402.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/240961402.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/240961402.md) | [English](https://longbridge.com/en/news/240961402.md)


# "Big Banks" Citigroup: 3SBIO has reached a cooperation with Pfizer on SSGJ-707, target price raised significantly to 21 yuan

Citi stated that 3SBIO (01530.HK) and its subsidiary Shenyang 3SBIO announced a global (excluding China) licensing transfer collaboration with Pfizer (PFE.US) for its breakthrough PD-1/VEGF bispecific antibody (SSGJ-707); 3SBIO will receive: 1) a $1.25 billion upfront payment; 2) up to $4.8 billion in potential milestone payments; 3) a tiered double-digit percentage royalty on net product sales.

Citi believes that the progress of this transaction and the transaction price exceed market expectations. Global expansion is a core investment theme for innovative pharmaceutical/biotechnology companies. The bank believes that the licensing transfer trend is minimally affected by geopolitical risks, and this transaction should alleviate investor concerns. Innovative pharmaceuticals/biotechnology remain the bank's industry preference, with 3SBIO still being one of the top choices in the biotechnology sub-industry.

Citi has included the $1.25 billion upfront payment in 3SBIO's fiscal year 2025 revenue and incorporated SSGJ-707's overseas sales into the bank's model, raising the 2025 expected earnings per share forecast from RMB 0.96 to RMB 3.41, resulting in a new discounted cash flow (DCF) target price of RMB 21 (previously RMB 13); maintaining a "Buy" rating

### 相關股票

- [3SBIO (01530.HK)](https://longbridge.com/zh-HK/quote/01530.HK.md)
- [Pfizer (PFE.US)](https://longbridge.com/zh-HK/quote/PFE.US.md)
- [Citigroup (C.US)](https://longbridge.com/zh-HK/quote/C.US.md)

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