Hanmi Pharmaceutical Hits the Daily Limit on 318.92 Billion Won Technology Transfer Deal [Stock Spotlight]

[Financial News] Hanmi Pharmaceutical surged to the daily limit after news broke that it had signed a technology transfer deal with U.S. biotech company Genentech for a next-generation obesity and metabolic disease drug candidate worth more than 300 billion won.
On the 24th, Hanmi Pharmaceutical was trading at 540,000 won, up 29.96% as of 1:20 p.m. on the Korea Exchange Main Board. It opened at 429,000 won, up 3.24% from the previous day, and then hit the daily limit around 11:40 a.m. after the technology transfer deal was disclosed.
Hanmi Pharmaceutical announced that it had signed a technology transfer agreement with Genentech for HM17321, an obesity and metabolic disease drug candidate, worth a total of $2.305 billion, or about 318.92 billion won. The upfront payment is $190 million, or about 262.9 billion won, while milestone payments tied to clinical development, approval and commercialization total $2.115 billion, or about 2.9263 trillion won. The company will also receive royalties based on annual net sales after the product launch.
HM17321 is an obesity and metabolic disease drug candidate under development by Hanmi Pharmaceutical. It is being designed to achieve "high-quality weight loss" by reducing body fat while increasing lean mass and muscle mass at the same time.

[email protected] Lim Sang-hyuk Reporter