Korea Investment & Securities said on the 30th that Hanmi Pharmaceutical ended concerns about earnings with a "surprise filing." Investors' next focus is expected to be on clinical trial results for key new drug pipelines. The target price was raised to 500,000 won from the previous 440,000 won, and the investment rating was maintained at "buy."
Hanmi Pharmaceutical disclosed after the market closed on 29th that it will license out its platform technology "Ensorcvida," which converts injectables into oral formulations (oral medicines), to Gilead Sciences. The total contract size is $34.5 million (about 48.3 billion won), and the non-refundable upfront payment amounts to $2.5 million (about 3.5 billion won).
Ensorcvida is a formulation-conversion technology that applies Hanmi Pharmaceutical's Ora-Discovery technology. A third-party technology transfer was carried out in 2011, and HealthHope Pharma is currently developing the oral paclitaxel anticancer drug "Orascol," which is in clinical development in the United States and Hong Kong. This technology transfer agreement is a three-party contract among Hanmi Pharmaceutical, HealthHope Pharma, and Gilead Sciences. Gilead Sciences is expected to use Ensorcvida for new drug development targeting virus-related diseases.
Wi Hae-joo, an analyst at Korea Investment & Securities, said, "Since the contract date is Sept. 29, the upfront payment can be recognized in the third quarter," and noted, "Interest in clinical momentum will increase as earnings uncertainty eases."
Hanmi Pharmaceutical plans to release clinical trial results for its major pipelines in succession. It will announce phase 3 clinical trial results for the in-house developed obesity treatment efpeglenatide in the fourth quarter and plans to submit a marketing authorization application. Data on improvement in liver fibrosis for epinopegdutide, a new drug candidate for metabolic dysfunction–associated steatohepatitis (MASH), is expected to be available as early as the fourth quarter or, at the latest, in the first quarter of next year.