[ET Net News Agency, 9 August 2019] Jefferies Research initiated coverage on BeiGene
Ltd (06160) with a "buy" rating and a price target of HK$106.
The research house said BeiGene stands out from its local biotech peers with its global
development program, potentially best-in-class BTK (Bruton's tyrosine Kinase) inhibitor
and PD-1 mAb with broad indications.
BeiGene acquired Celgene's commercial operations in China together with an exclusive
license to market three of Celgene's cancer therapies. Jefferies expects the Celgene
in-licensed products and the expected launch of zanubrutinib and tislelizumab will deliver
revenue of USD229mn/492mn/1,010mn in 2019/20/21, but the global clinical trial programs
will incur significant R&D expenses and Jefferies expects the company to be loss-making in
the next three years. (KL)