Morgan Stanley affirms Sino Biopharmaceutical Limited's (01177.HK) acquisition of the remaining 95.09% stake in LaNova Medicine for US$501 million as reasonably priced. This follows Sino Biopharm's earlier investment of RMB142 million for a 4.91% ownership. The transaction valuation reflects LaNova's promising late-stage pipelines and two completed out-licensing agreements. This strategic move grants Sino Biopharm access to multiple technological platforms, significantly strengthening its oncology portfolio. Morgan Stanley reiterates its "Overweight" rating with a HK$4.9 target price, anticipating enhanced tumor pipeline development through this acquisition.
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