韩美药品Genentech肥胖药授权后获券商上调估值，但核心事实已在前一日披露并涨停

Hanmi Pharmaceutical (128940) could see its corporate value reassessed following a global licensing deal for its next-generation obesity drug, according to an analysis. The company's value would be maximized if it secures additional licensing deals for follow-on obesity treatments, such as triple agonists, and wins approval and launch for its homegrown obesity drug "Efe."
In a report on the 25th, Mirae Asset Securities said that "even though it is a Phase 1 candidate, the total deal size reached 3.2 trillion won, with a non-refundable upfront payment exceeding 260 billion won." The brokerage added that "the pipeline value will gradually be revised upward further as partner Roche advances its clinical trials and milestones flow in."
On the 24th, Hanmi Pharmaceutical licensed HM17321, an urocortin-2 (UCN2) analog, to Genentech, a subsidiary of global drugmaker Roche, in a deal worth up to 3.2 trillion won. It is the largest licensing deal for a single compound ever signed between a Korean drugmaker and a global big pharma. Reflecting the deal, Mirae Asset Securities raised its value for HM17321 to 1.2 trillion won from 109.3 billion won previously.
Analysts say Roche, a latecomer in the obesity treatment market, has secured a candidate with a new mechanism to differentiate itself from front-runners such as Eli Lilly and Novo Nordisk. Mirae Asset Securities also noted the possibility that HM17321 could be developed not only as a monotherapy but also as a fixed-dose combination with candidates such as the GLP-1/GIP-based "ecnoglutide" or the amylin-based "petrelintide," which Roche is running in Phase 3 trials. The global race to develop obesity drugs has recently expanded beyond simple weight loss to areas such as muscle preservation and combination treatment strategies.
The potential for additional licensing of other candidates is also drawing attention. Hanmi Pharmaceutical holds an obesity pipeline that includes HM15275, a triple agonist that simultaneously targets the GLP-1, GIP and glucagon receptors, as well as HM500197, a selective myostatin inhibitor.
Mirae Asset Securities maintained its "buy" rating on Hanmi Pharmaceutical and raised its target price to 730,000 won. The brokerage said that "investors should also watch for the domestic approval and launch of efpeglenatide in the second half, as well as the possible release of Phase 2b data for epinopegdutide, which Merck is developing for metabolic dysfunction-associated steatohepatitis."