Hanmi Pharmaceutical’s third technology licensing deal this year; analysts say it could hit ₩710,000

[Financial News] Hanmi Pharmaceutical’s successful licensing-out of a new drug for the third time this year has raised expectations of a reassessment of its corporate value. Daol Investment & Securities raised its target price for Hanmi Pharmaceutical from ₩700,000 to ₩710,000, reflecting the Fabry disease treatment’s newly recognized value, and maintained its “Buy” rating. The analysis points to around 68% upside from the previous day’s closing price of ₩422,500.
Lee Ji-su, a researcher at Daol Investment & Securities, said on the 3rd, “It is significant that Hanmi Pharmaceutical extended its long-acting technology to enzymes for treating rare diseases and turned it into a licensing deal,” adding, “We took into account BioMarin’s ability to commercialize rare-disease treatments and the portfolio synergies with Galafold.”
On the 29th of last month, Hanmi Pharmaceutical licensed HM15421 (LA-GLA), a Fabry disease treatment it is co-developing with GC Biopharma Corp., to U.S.-based BioMarin. The deal is worth up to $475 million (about ₩634.7 billion), including an upfront payment of $70 million (about ₩93.5 billion). Hanmi Pharmaceutical and GC Biopharma Corp. will each receive an upfront payment of $35 million (about ₩46.8 billion), and will split equally the milestone payments tied to development, regulatory approval and commercialization, as well as ongoing royalties. The deal, Hanmi Pharmaceutical’s third new-drug technology transfer this year, is seen as reaffirming its R&D competitiveness.
HM15421 improves dosing convenience by replacing the existing treatment’s intravenous infusion every two weeks with a subcutaneous injection once a month. Preclinical studies also found the potential to improve kidney function compared with existing enzyme replacement therapy (ERT). The ongoing Phase 1/2 clinical trial is expected to conclude in 2028, and the treatment is projected to launch in 2032 after Phase 3 trials.
The researcher newly incorporated ₩195.8 billion in value for the drug, assuming a maximum market share of 35% for HM15421 and a royalty rate of 10–13% of sales. The researcher also expects Hanmi Pharmaceutical to recognize the approximately ₩46.8 billion upfront payment it will receive as a one-time item in its fourth-quarter results this year. “We calculate the operating value based on 2027 EBITDA, excluding the one-time upfront payment, and are raising our target price to ₩710,000,” the researcher explained.

[email protected] Im Sang-hyeok Reporter