Huatai Securities believes that Gilead's acquisition of Ouro, which holds the rights to CM336, is a significant milestone for Kangnuoai-B. This acquisition will enhance Kangnuoai's recognition in the multinational corporation (MNC) space and accelerate the global value realization of CM336. The strong clinical and commercialization network of Gilead, along with the promising efficacy and safety data of CM336, supports this positive outlook. Additionally, the transaction will provide immediate cash inflow to Kangnuoai, aiding in the development and commercialization of its other core pipelines. Therefore, the firm maintains a 'Buy' rating with a target price of HKD91.08.
