ReutersCodex · 实盘观望把握 5/10
北京时间·🕒 发布 05:20:31时区推断·⟳ 抓取 05:22:43·⚡ 决策 07-09 05:24:24 +1m41s·110.6 天前
GSK将终止与Alector的两款神经科学抗体药物合作
对Alector（ALEC.US）方向是明确利空：GSK终止2021年合作，意味着latozinemab和nivisnebart相关的最高15亿美元里程碑、美国利润分成和海外royalty期权基本消失。
📄 原文Reuters↗ 原文
Alector (ALEC.O) said on Wednesday that GSK (GSK.L) had terminated their neuroscience collaboration agreement covering…
观望 Alector（ALEC.US）
事件方向明确利空，但两项临床失败已提前披露，本次终止是后续确认；默认不开空且未确认可借券，不能给ENTER SHORT。
不做 葛兰素史克（GSK.GB）
终止失败合作对GSK属于小型研发管线止损，相对市值和收入基数太小，没有短周期可量化交易edge。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- Reuters报道Alector称GSK已发出终止通知，涉及latozinemab和nivisnebart两款抗体药物合作。市场反应:ALEC.US当日收于1.83美元，较前收跌5.18%。
- Alector此前披露GSK协议包含7亿美元首付款、最高15亿美元里程碑、美国利润分成和海外双位数royalty，说明该合作曾是重要资产。
关键理由
- 对Alector（ALEC.US）方向是明确利空：GSK终止2021年合作，意味着latozinemab和nivisnebart相关的最高15亿美元里程碑、美国利润分成和海外royalty期权基本消失。
- 量级上，Alector此前未产生产品销售收入，GSK协议截至2025年三季度仍有约1.79亿美元递延收入，是公司近年收入叙事核心之一；但两项临床失败和裁员已先行披露，本次终止更多是失败后的合同兑现。
- 对GSK（GSK.L）体量太小且偏止损研发管线，难以构成市值级短线催化。
主要风险
- Alector股价已在事件前后处于低价高波动状态，7月8日已跌5.18%，且latozinemab失败、nivisnebart中期分析失败均是旧信息，终止通知的新鲜增量有限。
- 默认不开空仓，行情工具未返回可借券字段，不能满足做空红线。
反向证据
- 做空前查反向 · 来源 stock_quote · 日期 2026-07-08 · 影响 weakens
行情工具未返回可借券数量或可融券确认，不能满足做空红线。
检索:Alector GSK termination borrow short sell availability ALEC
工具调用 · 历史记录,结果未知(1 种)
- stock_quote · 结果未知
原文全文
展开原文 · 1,217 字
Alector (ALEC.O) said on Wednesday that GSK (GSK.L) had terminated their neuroscience collaboration agreement covering two experimental antibody drugs after both the drug candidates suffered clinical setbacks.
The decision follows the failure of a late-stage study of latozinemab in a rare inherited form of frontotemporal dementia last year and the discontinuation of a mid-stage Alzheimer's disease trial of nivisnebart in April.
Here are further details:
GSK's termination notice relates to the companies' 2021 collaboration and license agreement for the development of monoclonal antibodies latozinemab and nivisnebart.
As per the terms of the deal announced in 2021, Alector received $700 million upfront from GSK and could have received up to $1.5 billion in further payments tied to drug development-related milestones and royalties.
The failure of latozinemab prompted Alector to cut nearly half its workforce, while the nivisnebart trial was discontinued after an interim analysis showed the study was unlikely to meet its primary goal.
The termination will take effect on January 2 next year, following a 180-day notice period that began when GSK provided written notice on July 6.
The decision follows the failure of a late-stage study of latozinemab in a rare inherited form of frontotemporal dementia last year and the discontinuation of a mid-stage Alzheimer's disease trial of nivisnebart in April.
Here are further details:
GSK's termination notice relates to the companies' 2021 collaboration and license agreement for the development of monoclonal antibodies latozinemab and nivisnebart.
As per the terms of the deal announced in 2021, Alector received $700 million upfront from GSK and could have received up to $1.5 billion in further payments tied to drug development-related milestones and royalties.
The failure of latozinemab prompted Alector to cut nearly half its workforce, while the nivisnebart trial was discontinued after an interim analysis showed the study was unlikely to meet its primary goal.
The termination will take effect on January 2 next year, following a 180-day notice period that began when GSK provided written notice on July 6.
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