[Click e-Stock] "Hanmi Pharmaceutical Transfers Technology to Eli Lilly... Target Price Raised"

Korea Investment & Securities: "High Potential for Additional Technology Transfers"

Korea Investment & Securities has raised its target price for Hanmi Pharmaceutical from 660,000 won to 740,000 won, maintaining a 'buy' investment rating, following the company's successful technology transfer of the 'GLP-2R agonist Sonepeglutide' to Eli Lilly.

On June 4, Korea Investment & Securities researcher Wi Haejoo stated, "Based on the sum-of-the-parts (SoTP) valuation, Hanmi Pharmaceutical's corporate value is estimated at 9.4 trillion won. This figure includes an additional 1.1 trillion won for the short bowel syndrome indication of Sonepeglutide, which was not previously reflected."

On June 1, Hanmi Pharmaceutical announced that it had signed a technology transfer agreement with Eli Lilly for the GLP-2R agonist Sonepeglutide, valued at 1.26 billion dollars (approximately 1.9112 trillion won). The upfront payment, which is non-refundable, amounts to 112.9 billion won. Currently, Sonepeglutide is undergoing global Phase 2 clinical trials for patients with short bowel syndrome.

Researcher Wi noted, "Although the detailed terms of the technology transfer have not been disclosed, given the high clinical success visibility for the short bowel syndrome indication currently in Phase 2, we assumed a 60% likelihood of approval (LOA) and a 10% royalty rate attributable to Hanmi Pharmaceutical." He also evaluated the potential for expanding indications as high.

Korea Investment & Securities also highlighted the potential for Sonepeglutide to expand into the inflammatory bowel disease (IBD) market. Researcher Wi commented, "It is expected that Eli Lilly will develop Sonepeglutide as a treatment for IBD. The IBD market is projected to reach 42.9 billion dollars (about 65.075 trillion won) by 2032, and there has not been a new drug with a mechanism for regenerating the intestinal mucosa like the GLP-2R agonist."

He further noted that the possibility of additional technology transfer is high. Researcher Wi added, "The UCN2 agonist 'HM19321' is currently in Phase 1 clinical trials, and non-clinical results are expected to be presented at the ADA conference on June 5. If safety is confirmed after the clinical trial concludes at the end of this year, the visibility for technology transfer could increase."

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