{I-bank focus}Nomura keeps Hengrui Pharma at HKD94.54

  Nomura kept the target price for Hengrui Pharma (01276) at HKD94.54 and maintained the "buy" rating.
  Hengrui announced its fifth out-licensing deal of this year, whereby it has agreed to grant licence for trastuzumab rezetecan (SHR-A1811, a HER2 ADC) to Glenmark Specialty, a wholly-owned subsidiary of Glenmark Pharmaceuticals. The research house said the milestone size in this deal is quite good for Hengrui. Partnering with Glenmark in these markets can also help Hengrui unlock the commercial potential.