海通国际：翰森制药 CDH17ADC 授权罗氏 总对价超 15 亿美元
Haitong International released a research report stating that HANSOH PHARMA has signed a licensing agreement with Roche, under which HANSOH will receive an upfront payment of $80 million and up to $1.45 billion in milestone payments. The firm is optimistic about the normalization of milestone revenue for HANSOH PHARMA, expecting that revenue from innovative drugs will exceed 10 billion by 2025, with sales of Amivantamab expected to surpass 6 billion. Risks include lower-than-expected drug sales and risks associated with new drug development
According to the Zhitong Finance APP, Haitong International released a research report stating that HANSOH PHARMA (03692) has signed a licensing agreement with Roche for HS-20110 (CDH17ADC). HANSOH PHARMA will receive an upfront payment of $80 million, plus up to $1.45 billion in milestone payments for development, registration approval, and commercialization progress, as well as product sales sharing. HS-20110 is a potential first-in-class (FIC) product, formed by covalently linking the CDH17 antibody with a topoisomerase inhibitor. Currently, this product is undergoing global Phase I clinical trials in China and the United States for the treatment of colorectal cancer and other solid tumors.
The report indicates that the firm is optimistic about HANSOH PHARMA's milestone revenue normalization and external licensing opportunities. The company's milestone revenue for the first half of 2025 significantly exceeded expectations, and management has raised the full-year revenue guidance to a mid-to-high double-digit growth. Revenue from innovative drugs is expected to exceed 10 billion in 2025, with the proportion of innovative drug revenue likely to surpass 80%. Milestone and upfront payment revenue is expected to exceed 2.2 billion. In the early pipeline, several innovative molecules such as EGFR/cMET ADC and CDH6ADC have external licensing opportunities.
The firm is also optimistic about the continued growth of the company's Amivantamab in the domestic market. The core product Amivantamab has received approval for four indications, and sales are expected to exceed 6 billion in 2025, with a peak sales potential of 8 billion. The indication for Amivantamab combined with chemotherapy for first-line treatment of NSCLC is expected to be approved in the second half of the year. In terms of the research pipeline, Amivantamab combined with c-Met TKI, EGFR/c-Met bispecific antibodies/ADCs is expected to continue expanding its leading position in the lung cancer market.
Risk Warning: Risks of drug sales not meeting expectations, risks of new drug development, risks of intensified industry competition, exchange rate risks, policy risks, etc
