Hansoh Pharma (3692)

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not vested

<Research> G Sachs: HANSOH PHARMA (03692.HK) Expands ADC Partnership With Roche, Enhancing Visibility of Global Value Monetization

Goldman Sachs issued a research report stating that HANSOH PHARMA (03692.HK) announced a strategic collaboration and licensing agreement with Roche covering two preclinical ADC projects, as well as multiple additional projects based on targets proposed by Roche and leveraging Hansoh's proprietary ADC technology platform.

The deal marks the company's first platform-based collaboration and further validates its ADC capabilities.

Under the agreement, Hansoh will lead the early-stage development of the relevant projects through completion of global Phase Ia clinical trials at the latest.

Roche will subsequently take charge of further global development outside Greater China, while Hansoh will retain all rights for development, registration and commercialization of the projects in Greater China.

Hansoh will receive an upfront payment of USD400 million, followed by an additional USD110 million after one year, and may also obtain potential milestone payments exceeding USD15 billion together with tiered royalties.

Related News: Nomura Upgrades HANSOH PHARMA (03692.HK) to Buy, Raises TP to HKD43.03

Goldman Sachs noted that this represents the second ADC collaboration between Hansoh and Roche, and also the first platform-based partnership.

The cooperation structure carries strategic significance, as Hansoh may choose up to two projects to participate in development outside Greater China in exchange for additional commercialization upside in the US market.

The broker believes the arrangement will help the company gradually establish independent global clinical development capabilities.

It maintained a positive view on Hansoh and reiterated its Buy rating with a TP of HKD52.7.

Source: AASTOCKS Financial News

https://www.aastocks.com/en/stocks/news ... -news/AAFN