The Zhitong Finance App learned that CMB International released a research report stating that the ADC platform of Hanson Pharmaceuticals (03692) has received important verification in terms of both cooperation and clinical trials. The bank reaffirmed the “buy” rating and raised the target price from HK$49.12 to HK$50.54.
The company announced that it has reached a strategic licensing agreement with Roche covering a broad ADC portfolio, and announced the first batch of encouraging global EMBOLD data for Ris-Rez (B7-H3 ADC) and reassuring combined ILD safety analysis at the 2026 European Society of Medical Oncology Annual Meeting (ESMO 2026); Mo-Rez (B7-H4 ADC) advanced 13-month follow-up breakthrough data for platinum-resistant ovarian cancer (PROC) also further strengthened the platform's readability.
The bank stated that the agreement with Roche covers two pre-clinical ADC assets and multiple projects targeting Roche's designated targets. The financial terms include an advance payment of US$400 million, a first-year annual payment of US$110 million, a milestone payment of up to US$15 billion, plus royalties; Hanson also reserves the right to choose up to two projects to participate in commercialization in the US.
In the global phase 1b study of RIS-REZ, under the 8 mg/kg dose selected in phase 3, the objective remission rate for second-line and above broad-stage small cell lung cancer was 61% (11/18), and the safety was controllable, which was consistent with the 58.3% remission rate and overall survival endpoint results of Chinese stage III ARTEMIS-008; combined ILD analysis showed that ILD incidence was 4% in 301 patients, mostly grade 1 to 2, which is conducive to broader joint development.
The bank also indicated that Mo-Rez confirmed an objective remission rate of 62% at the 5.8 mg/kg dose of PROC. The safety is controllable, and GSK is accelerating a number of global phase III trials. The bank raised the target price to HK$50.54 (WACC 8.48%, terminal growth rate 3.5%), reflecting the increased visibility of the Roche deal and Ris-Rez and Mo-Rez global prospects.