Goldman Sachs: HANSOH PHARMA (03692) Expands ADC Collaboration with Roche, Enhancing Visibility for Global Value Realization; Target Price HK$52.7

Goldman Sachs released a research report stating that HANSOH PHARMA (03692) announced a strategic collaboration and license agreement with Roche, marking the company's first platform-type collaboration; the bank maintains its positive view on HANSOH PHARMA, reiterates its "Buy" rating, with a target price of HK$52.7. The Goldman Sachs research report notes that HANSOH PHARMA announced a strategic collaboration and license agreement with Roche, covering two preclinical ADC projects, as well as multiple additional projects targeting targets proposed by Roche and utilizing Hansoh's proprietary ADC technology platform. This marks the company's first platform-type collaboration, further validating its ADC capabilities. Under the agreement, Hansoh will lead early-stage development of the relevant projects, up to the completion of global Phase Ia clinical trials at the latest, after which Roche will be responsible for further global development outside Greater China, while Hansoh retains all rights to develop, register, and commercialize these projects in Greater China. Hansoh will receive US$400 million in upfront payment, plus another US$110 million on the first anniversary, and is eligible to receive over US$15 billion in potential milestone payments and tiered royalties. Goldman Sachs notes that this is the second ADC collaboration between Hansoh and Roche, and the first platform-type collaboration. The collaboration model is strategically significant, as Hansoh may choose up to two projects to participate in development outside Greater China in exchange for additional US commercialization upside, which is believed to help gradually build its own global clinical development capabilities.