"Hanmi Pharmaceutical's obesity drug value re-rated after Roche technology export... target price raised" - Mirae Asset Securities

[Financial News] Mirae Asset Securities said on the 25th that Hanmi Pharmaceutical's obesity pipeline value has risen sharply following its large-scale technology export deal with Roche (Genentech). It raised the target price from 640,000 won to 730,000 won and maintained its "buy" rating.
Researcher Kim Seung-min said that the deal was a surprise, given that the asset is still in Phase 1 clinical trials but the total contract value exceeds 3.2 trillion won and the upfront payment tops 260 billion won. He added that Roche appears to have introduced HM17321 as a differentiated option in the obesity market compared with Eli Lilly and Company and Novo Nordisk. HM17321 is seen as having the strength of enabling "high-quality weight loss" by reducing fat while preserving muscle mass and function.
On the 24th, Hanmi Pharmaceutical signed a deal worth up to $2.305 billion, or about 3.1892 trillion won, to transfer global rights to HM17321, excluding South Korea, to Genentech.
Reflecting the deal, Kim said the target market for HM17321 has been expanded from the obesity-related sarcopenia market to the broader obesity market. He also raised the probability of clinical success from 10% to 20%.


[email protected] Kim Hyun-jung Reporter