Hanmi Pharmaceutical (128940.KS) has reaffirmed its research and development (R&D) capabilities by signing a licensing-out agreement with Eli Lilly worth up to 1.9 trillion won, analysts said.
"Hanmi Pharmaceutical's large-scale technology export to a global big pharma is the first in six years since the Merck deal in 2020," Hur Hye-min, an analyst at Kiwoom Securities, said in a report Tuesday. "Although the company went through management disputes and governance uncertainty following Chairman Lim Sung-ki's passing, this contract reaffirms its competitiveness as an R&D-driven company."
Hanmi Pharmaceutical licensed out its long-acting GLP-2 analog biologic "sonepegludatide" to Lilly the previous day. The deal totals up to $1.26 billion (about 1.9 trillion won), including a $75 million (about 112.9 billion won) upfront payment.
Markets responded positively. Following the licensing announcement, Hanmi Pharmaceutical's shares rose 10%, and its market capitalization increased by approximately 614.9 billion won in a single day.
Hur cited Hanmi's long-acting platform technology "LAPSCOVERY" as the core competitive edge behind the deal. Sonepegludatide is a once-monthly formulation utilizing LAPSCOVERY, offering significantly improved dosing convenience compared with existing therapies, according to the report.
Sonepegludatide is currently in global Phase 2 trials for patients with short bowel syndrome with intestinal failure (SBS-IF). Short bowel syndrome is a rare disease in which a substantial portion of the small intestine is lost, making nutrient absorption difficult.
"The only currently approved GLP-2-class treatment is Takeda's Gattex, which requires daily administration," Hur said. "Sonepegludatide can be administered once a month, allowing for commercial differentiation."
Hanmi's commercialization track record with the LAPSCOVERY long-acting platform was also cited as a factor behind the deal. "The fact that Rolvedon, a LAPSCOVERY-based biologic for neutropenia, succeeded in global commercialization is presumed to have worked favorably in the licensing negotiations," Hur said. "It is an asset Lilly has no reason not to choose." She added, "GLP-2 is a validated target with prior approval cases, giving it a high probability of development success, with potential for expansion into indications such as intestinal recovery after Crohn's disease surgery or inflammatory bowel disease (IBD)."
Reflecting the licensing deal, Kiwoom Securities maintained its "BUY" rating on Hanmi Pharmaceutical and raised its target price to 660,000 won. "The accounting timing for the upfront payment is uncertain, so it has not been reflected in earnings estimates, but the new drug value of sonepegludatide has been newly incorporated," Hur said.
