The Zhitong Finance App learned that Goldman Sachs released a research report saying that Hanson Pharmaceuticals (03692) announced a strategic cooperation and licensing agreement with Roche, which is the company's first platform-based cooperation; the bank maintains a positive view of Hanson Pharmaceuticals and reaffirms its “buy” rating, with a target price of HK$52.7.
According to the Goldman Sachs research report, Hanson Pharmaceuticals announced a strategic cooperation and licensing agreement with Roche, covering two pre-clinical ADC projects and several additional projects targeting Roche and using Hanson's proprietary ADC technology platform. This is the company's first platform-based collaboration to further verify its ADC capabilities.
According to the agreement, Hanson will lead the early development of related projects, and complete global phase Ia clinical trials at the latest. After that, Roche will be responsible for further global development outside of Greater China, while Hanson reserves all rights to develop, register, and commercialize such projects in Greater China. Hanson will receive an advance payment of US$400 million, plus an additional US$110 million for the first anniversary, and is expected to receive over US$15 billion in potential milestone payments and tiered royalties.
Goldman Sachs pointed out that this is the second ADC collaboration between Hanson and Roche. It is also the first platform-based collaboration. The cooperation model is strategically significant. Hanson can choose up to two projects to participate in development outside of Greater China in exchange for additional upward commercial space in the US, which is believed to help gradually establish independent global clinical development capabilities.