2025-06-13-Jefferies-再鼎医药（ZLAB）_值得关注的新型全球IL13_31双特异性抗体——将于明年初进入临床_7页_104kb

Zai Lab Equity Research Summary

Company: Zai Lab (ZLAB) is a clinical-stage biopharmaceutical company based in Shanghai, focusing on developing therapies for oncology, infectious diseases, and autoimmune diseases, primarily in the China market. The company has a market cap of $4.7B.

Key Development: The equity research highlights Zai Lab's internally developed IL13/31 bispecific program, which demonstrates complete inhibition of IL13-related pSTAT6 and IL31-related scratching in non-human primates (NHPs). This includes inhibition for >75 days in NHPs, surpassing what has been observed with competing long-acting IL13 and lebrikizumab.

Rating and Price Target: The equity rating is BUY, with a price target of $50.00 (+16% upside from the prior trading day's close of $43.03). The program is expected to enter clinical trials this year or early next year, with initial clinical data anticipated next year. Jefferies views this program as a key asset to monitor in 2026.

Program Differentiation: Data supports a differentiated profile with dual inhibition of inflammatory and itch pathways, an extended half-life (c. 28 days in NHPs), and prolonged inhibition of downstream biomarkers, offering potential benefits for less frequent dosing and broader efficacy compared to competitors like APG777.

Overall Assessment: Zai Lab's portfolio includes this IL13/31 bispecific, alongside ongoing advancements in the DLL3 program (which is entering pivotal studies) and the China-based business. Analysts rate the stock BUY with positive expectations for growth, while risks include China's regulatory landscape, competition, and limited safety data. The price target is based on sum-of-the-parts analysis and discounted cash flow (DCF) valuation.

Key Risks: Shifts in China's regulatory stance, competition, and efficacy/safety uncertainties. The company's growth is supported by sector-wide trends and strong fundamentals.