Hanmi Pharmaceutical(128940)'s news of a large-scale technology export sent Hanmi Science(008930), which had surged more than 25% the previous day, plunging more than 17% in a day. The drop is steeper for Hanmi Science, the holding company, than for Hanmi Pharmaceutical, the party to the technology export.
As of 9:40 a.m. on the 25th, Hanmi Science was trading at 46,500 won, down 10,000 won (17.70%) from the previous session. Hanmi Pharmaceutical was also down 535,000 won (9.91%) to 486,500 won.
The view is that profit-taking is emerging after Hanmi Pharmaceutical hit the daily limit the previous day on news that it signed a large-scale technology transfer deal with U.S. company Genentech. Hanmi Science, the Hanmi Group holding company with Hanmi Pharmaceutical as a core subsidiary, also jumped more than 25% the previous day, but today it is falling more sharply than Hanmi Pharmaceutical.
In particular, "HM17321," the asset transferred this time, is a pipeline independently developed by Hanmi Pharmaceutical. Accordingly, the fact that the structure does not involve sharing profits with Hanmi Science with respect to the upfront payment is also seen as a burden factor.
Hanmi Pharmaceutical disclosed the previous day that it signed an exclusive license agreement with Genentech for HM17321 (a UCN2 analog), a candidate therapy for metabolic diseases such as obesity, type 2 diabetes, and cardiovascular disease. Genentech will have exclusive rights to develop, manufacture, and commercialize HM17321 worldwide except in Korea.
Under the agreement, Hanmi Pharmaceutical will receive $190 million in upfront payment from Genentech. The total deal value, including milestones for clinical development, regulatory approval, and commercialization, is up to $2.3 billion, and separate royalties are to be paid after product launch.