翰森制药与罗氏达成第二次ADC大单：4亿美元首付款、潜在里程碑超150亿美元，盘后公告港股尚未定价

Roche Holdings AG (OTC:RHHBY) Germany chief Daniel Steiners announced that the Swiss pharmaceutical giant has put all future investment decisions in Germany on hold.
The Swiss drug maker argues that recent government healthcare austerity requirements have shattered corporate trust and undermined long-term planning for the pharmaceutical sector.
Mandatory Rebates Erode Industry Confidence
Steiners voiced sharp opposition to the GKV Contribution Rate Stabilization Act, which increases statutory manufacturer discounts on patent-protected drugs from 7% to 15.5% starting in January 2027.
While Germany’s health ministry expects the measure to save health insurers around 12 billion euros by 2030 to help bridge an estimated 19 billion euros financing shortfall, Steiners warned that such short-term austerity ignores structural financing issues and risks driving research and production abroad.
Steiners also dismissed Berlin’s proposed location clause—which offers partial rebate relief to companies with extensive domestic research and manufacturing—as inadequate.
He insisted that piecemeal adjustments cannot replace a comprehensive industrial strategy, contrasting Germany’s tightening regulatory climate with the U.S., where supportive policies and infrastructure assistance actively attract life sciences capital.
Setback For Merz’s Economic Pitch
The investment freeze delivers a direct blow to German Chancellor Friedrich Merz, who is actively pitching the country to global executives at a Berlin investor summit.
Financial Times noted in August that Roche is not alone in pulling back; U.S.-based drugmaker Eli Lilly and Co. (NYSE:LLY) recently halved a planned 2.3 billion euros manufacturing investment, while Pfizer Inc. (NYSE:PFE) placed its domestic allocations under review and Boehringer Ingelheim scrapped a 900 million euros expenditure.
Statutory health insurance officials strongly defended the government’s reforms. Stefanie Stoff-Ahnis, deputy chairwoman of the GKV association, maintained that pharmaceutical companies continue to enjoy substantial profits in Germany, cautioning that higher drug prices would destabilize recently balanced insurance finances without offering tangible benefits to patients.
Roche employs around 18,600 people in Germany and has poured approximately 3.8 billion euros into expanding its domestic sites since 2020.
A company spokeswoman told FT that the freeze applies exclusively to unapproved future projects, ensuring that ongoing construction at its Penzberg biotechnology hub and current workforce headcounts remain secure for now.
Roche Expands China-Based Partnership
On the other hand, on Monday, Hansoh Pharmaceutical Group Co., Ltd. announced a second collaboration with Roche in the antibody-drug conjugate (ADC) field.
The strategic collaboration spans a broad portfolio of ADC programs, comprising two preclinical Hansoh ADC programs and multiple ADC programs based on Roche-proposed targets powered by Hansoh’s proprietary ADC technology platform.
Under the collaboration agreement, Hansoh will lead the early development of the programs up to the completion of global PhaseⅠa clinical trials.
Roche will be responsible for further developing the programs worldwide (excluding the Chinese Mainland, Hong Kong, Macau and Taiwan). Hansoh will retain all rights to develop, register and commercialize the programs within the Chinese Mainland, Hong Kong, Macau and Taiwan.
Hansoh will receive an upfront payment of $400 million as well as a first anniversary payment of $110 million, and will be eligible to receive potentially more than $15 billion in milestone payments.
Photo by OleksSH via Shutterstock
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