德意志银行-美国市场研究-athenex：de- risking drug development-20170710-deutsche bank

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1、DeutscheBankMarketsResearchRatingCompanyDateBuyAthenex10July2017InitiationofCoverageNorthAmericaUnitedStatesReutersBloombergExchangeTickerPriceat7Jul2017(USD)18.42HealthCareATNX.OQATNXUSNASATNXPricetarget-12mth(USD)20.00Biotechnology52-weekrange(USD)18.42-12.56HANGSEN

2、GINDEX25,341De-riskingdrugdevelopmentJackHu,PhDLincYiuResearchAnalystResearchAssociate(+852)22036208(+852)22036248Differentiatedassetsdrivevaluecreationjack.hu@db.comlinc.yiu@db.comAthenexhastwooncologyassetsinclinicalstages:anoralchemotherapeuticplatformandaSrckinase

3、inhibitorpipeline.Theprimaryvaluedriver,Oraxol,AndrewPeterswhichcomesfromthechemoplatform,islikelytoofferabetterefficacy/safetyprofilevs.injectablepaclitaxel,withphase3dataexpectedin2018.WebelieveResearchAnalystthecompany'soralchemoplatformisrelativelylowriskasthesech

4、emo(+1)415262-2002agentshavealreadybeenapprovedandonlythedeliverymechanismwillbeandrew.peters@db.comimproved.Withinthemanagementteam,therearefourex-CEOsfromlistedcompanieswhohavestrongexperienceindrugdevelopmentandcapitalPrice/pricerelativemarkets.Weinitiatecoveragewi

5、thaBuyratingandapricetargetofUSD20.0.20Oraxolmayofferbetterefficacy/safetyprofilethanIVpaclitaxel18Themostadvancedcompoundfromitsoralchemotherapeuticpipelineis17Oraxol,withatargetproductprofilethatincludeshigherresponserates,less15neuropathyandlackofhypersensitivityre

6、actionvs.IVpaclitaxel.Ifthephase143studydoesconfirmabetterefficacy/safetyprofile,Oraxolshoulddifferentiate12itselffromexistingdrugssuchasAbraxane(albumin-boundpaclitaxel)andIV6/17paclitaxel.WebelieveopportunitiesinChinacouldbesignificantforOraxolifAthenexthetargetprof

7、ilecanbedelivered,asthepaclitaxelmarketinChinaisHANGSENGINDEX(Rebased)approximatelyUSD470m,vs.USD680mintheUSin2016.Wemodelrisk-Performance(%)1m3m12madjustedglobalpeaksalesofUSD2.1bnforOraxolin2027.WeexpectFDAAbsolute–––feedbackoninterimdataintheneartermtobeakeycatalys

8、tforthestock.HANGSENGINDEX-2.44.422.4SrckinaseinhibitorsaddressanunmetmedicalneedSource:DeutscheBankThekeydrugontheSrckinase