Kyobo Securities has highlighted the global technology export achievements of Hanmi Pharmaceutical and the potential value of its additional pipeline, maintaining a target price of 700,000 won and a "buy" rating on the stock.
Researcher Jeong Hee-ryeong explained that Hanmi Pharmaceutical recently signed a licensing agreement with global pharmaceutical company Eli Lilly for the GLP-2 class drug candidate, sonepaglutide. The total contract value is approximately 1.9 trillion won, with Hanmi set to receive an upfront payment of 112.9 billion won.
Jeong noted that sonepaglutide is a candidate utilizing Hanmi's long-acting platform technology, Labscovery, and is currently undergoing Phase 2 clinical trials globally. He added that Eli Lilly's active efforts to expand its inflammatory bowel disease (IBD) treatment portfolio likely contributed positively to the agreement due to relevant preclinical data.
Additionally, Jeong assessed the likelihood of further contracts, as Hanmi has set a goal of at least one technology transfer within the year. Market speculation includes HM15275 and HM17321 as potential candidates for future licensing, with HM17321 particularly noted for its potential to mitigate muscle loss side effects in obesity treatments.
Jeong also pointed to the upcoming launch of epeglanatide by the end of the year and the Phase 2b clinical trial results for the MASH treatment epinpegdutide in the second half of the year as key momentum factors. He stated, "Considering the improvement in performance and research and development outcomes, the current stock price has more upside potential than downside risk."
* This article has been translated by AI.
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