翰森制药“斩获”罗氏15亿美元BD大单，医药女王钟慧娟再赢一局

Core Insights - Hansoh Pharmaceutical has secured a significant business development (BD) deal worth up to $1.53 billion with Roche for the global rights (excluding Greater China) to its investigational CDH17-targeted antibody-drug conjugate (ADC) HS-20110 [1][2] - The deal includes an upfront payment of $80 million, potential milestone payments of up to $1.45 billion, and a share of future sales [1][2] - This transaction highlights Hansoh's strategic shift from generics to innovative drugs, with innovative drug revenue projected to account for over 80% of total revenue by mid-2025 [1][7] Business Development Strategy - Hansoh has successfully executed multiple BD transactions in the ADC field, totaling approximately $4.8 billion across three major deals, including recent agreements with GSK for other ADCs [3][4] - The company employs a dual strategy of license-in and license-out to expand its product pipeline, having completed over 20 BD transactions since 2019 [5][6] - Recent license-in agreements include collaborations with three companies to develop new drugs, with ongoing clinical trials for several candidates [6] Financial Performance - In the first half of 2025, Hansoh reported revenues of 7.434 billion yuan, a year-on-year increase of 14.27%, with net profit attributable to shareholders reaching 3.135 billion yuan, up 15.02% [7] - Sales from innovative drugs and collaborative products accounted for 82.17% of total revenue during the same period [7] Company Background - Hansoh Pharmaceutical was founded in 1995 by Sun Piaoyang and his wife Zhong Huijuan, who have played pivotal roles in the company's growth and transition from generics to innovative pharmaceuticals [8][9] - The company has a history of launching significant generic products and has now established a strong presence in the innovative drug market, with several products already on the market [5][6] Market Position - The recent BD deal with Roche and previous agreements reflect the growing trend of Chinese ADCs entering global markets, showcasing the country's R&D capabilities in this area [3][4] - Hansoh's stock has seen significant appreciation, with a 115.3% increase since the beginning of 2025, indicating strong market confidence in the company's future prospects [10]