Korea Investment & Securities announced on June 2 that it has raised its target price for Hanmi Pharmaceutical from 660,000 won to 740,000 won, a 12% increase, following a significant technology transfer agreement with Eli Lilly. The firm maintained its "buy" rating on the stock.
Analyst Weh Joo noted, "While there has been anticipation in the market regarding technology transfers, the fact that the asset involved is sonepaglutide and the counterparty is Eli Lilly is a surprise."
Hanmi Pharmaceutical disclosed on June 1 that it had signed a technology transfer agreement with Eli Lilly valued at $1.26 billion (approximately 1.8973 trillion won). The upfront payment, which does not require repayment, amounts to 112.9 billion won.
The agreement centers on the GLP-2 receptor (GLP-2R) agonist sonepaglutide. This pipeline utilizes Hanmi's half-life extension platform, Labscovory. A global Phase 2 clinical trial is currently underway for patients with short bowel syndrome, and preclinical animal models have shown potential for expanding indications to inflammatory bowel disease (IBD).
The potential for additional indications for sonepaglutide is also noteworthy. Weh Joo stated, "Eli Lilly is likely to develop sonepaglutide as a treatment for inflammatory bowel disease, as it is the only GLP-2R agonist with a once-monthly formulation that can provide sufficient activity for mucosal regeneration and anti-inflammatory effects."
The possibility of further technology transfers for other pipelines was also mentioned. Weh Joo indicated that "HM17321 (a UCN2 agonist) is currently in Phase 1 clinical trials, with nonclinical results set to be presented at the American Diabetes Association (ADA) meeting on June 5. If safety is confirmed after the conclusion of clinical trials later this year, visibility for additional technology transfers could increase."
* This article has been translated by AI.
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