The latest Market Talks covering the Health Care sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0757 GMT – The muted response to Innovent’s cancer-drug deal with Takeda looks like a buying opportunity to Citi analysts. With an over US$1 billion upfront payment from Takeda, “the deal is the second-largest ranked by biobucks between pharma and biotech companies,” Wangbin Zhou and others write. They attribute the subdued stock reaction to concerns about Takeda not being a leading oncology player and the high R&D costs of global clinical trials. But Citi reckons Takeda management has rich experience in immuno-oncology, and the codevelopment should help Innovent establish global clinical development and commercialization capability. That could pave the way for it to become a global force in biopharma. Citi keeps a buy call with a HK$110 target. Shares are last at HK$86.90. (fabiana.negrinochoa@wsj.com)
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