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Core Viewpoint - Hansoh Pharmaceutical has entered a significant collaboration with Roche, with a potential total transaction value of $1.53 billion, marking a notable case of Chinese ADC products going global [5]. Group 1: Collaboration Details - Hansoh Pharmaceutical announced the licensing of its CDH17-targeted antibody-drug conjugate (ADC) HS-20110 to Roche's subsidiary for markets outside Greater China [2]. - Roche will pay Hansoh an upfront payment of $80 million, with potential milestone payments of up to $1.45 billion for clinical development, registration, and sales, along with tiered royalties on future product sales [4]. Group 2: Previous Collaborations - This is the third collaboration in the ADC field for Hansoh Pharmaceutical with multinational pharmaceutical companies in the past three years [6]. - Previously, Hansoh successfully licensed two ADC drugs to GlaxoSmithKline: B7H3 ADC (HS-20093) and B7H4 ADC (HS-20089), targeting high-expressing tumor markers in various cancers [6]. Group 3: Financial Performance - In the first half of 2025, Hansoh Pharmaceutical reported revenues of 7.434 billion yuan, a year-on-year increase of 14.27%, with net profit attributable to shareholders of 3.135 billion yuan, up 15.02% [7]. - The rapid growth in innovative drug revenue led to a 13.2% increase in product sales revenue to 5.78 billion yuan, alongside 1.66 billion yuan in licensing fee income, which exceeded expectations [7]. Group 4: Market Performance - As of the report date, Hansoh Pharmaceutical's stock price was 37.18 HKD per share, reflecting a 4.03% increase, with a market capitalization of 225.1 billion HKD [8].