Core Viewpoint - Hansoh Pharmaceutical (03692) has entered into a licensing agreement with F. Hoffmann-La Roche Ltd, granting Roche exclusive global rights to develop, manufacture, and commercialize HS-20110, excluding mainland China, Hong Kong, Macau, and Taiwan [1] Group 1: Licensing Agreement Details - The licensing agreement was established between Shanghai Hansoh Biopharmaceutical Technology Co., Ltd. and Changzhou Hengbang Pharmaceutical Co., Ltd. (collectively referred to as "licensors") and Roche (the "licensee") [1] - The licensors will receive an upfront payment of $80 million and are eligible for up to $1.45 billion in milestone payments based on the product's development, regulatory approval, and commercialization progress [1] - Additionally, the licensors will receive tiered royalties on future potential product sales [1] Group 2: Company Background - Roche is a subsidiary of Roche Holding AG, which is listed on the Swiss Stock Exchange and was founded in 1896 in Basel, Switzerland [1] - Roche has evolved into a leading global biotechnology company and a leader in in vitro diagnostics [1] - The board of Hansoh Pharmaceutical believes that entering into this licensing agreement is in the best interests of the company and its shareholders [1]

Core Viewpoint - Hansoh Pharmaceutical announced a licensing agreement with F. Hoffmann-La Roche Ltd for the global exclusive rights to develop, manufacture, and commercialize HS-20110, a CDH17-targeted antibody-drug conjugate for colorectal cancer and other solid tumors [1] Group 1: Licensing Agreement Details - The agreement involves Hansoh's wholly-owned subsidiary Shanghai Hansoh Biopharmaceutical Technology Co., Ltd. and Changzhou Hengbang Pharmaceutical Co., Ltd. as licensors [1] - Hansoh will receive an upfront payment of $80 million and is eligible for up to $1.45 billion in milestone payments based on the product's development, regulatory approval, and commercialization progress [1] - Future potential sales will also generate tiered royalties for Hansoh [1] Group 2: Product and Clinical Trials - HS-20110 is currently undergoing global Phase I clinical trials in China and the United States for the treatment of colorectal cancer and other solid tumors [1] - The product represents a significant advancement in targeted cancer therapy, leveraging antibody-drug conjugate technology [1] Group 3: Roche Overview - F. Hoffmann-La Roche Ltd is a subsidiary of Roche Holding AG, which is listed on the Swiss Stock Exchange [1] - Roche was established in 1896 in Basel, Switzerland, and has evolved into a leading global biotechnology company and a leader in in vitro diagnostics [1]

Core Viewpoint - Hansoh Pharmaceutical announced a licensing agreement with F. Hoffmann-La Roche Ltd for the global exclusive rights to develop, manufacture, and commercialize HS-20110, excluding mainland China, Hong Kong, Macau, and Taiwan [1] Group 1: Licensing Agreement Details - The agreement involves Hansoh's wholly-owned subsidiary Shanghai Hansoh Biopharmaceutical Technology Co., Ltd. and Changzhou Hengbang Pharmaceutical Co., Ltd. as licensors [1] - Hansoh will receive an upfront payment of $80 million and is eligible for up to $1.45 billion in milestone payments based on the product's development, regulatory approval, and commercialization progress [1] - The product, HS-20110, is an investigational CDH17-targeted antibody-drug conjugate (ADC) currently undergoing global Phase I clinical trials for colorectal cancer (CRC) and other solid tumors in China and the United States [1] Group 2: Company and Market Context - The licensee, F. Hoffmann-La Roche Ltd, is a subsidiary of Roche Holding AG, which is listed on the Swiss Stock Exchange [1]

Core Insights - Chinese biotech Hansoh Pharma has entered into a license agreement valued at up to $1.45 billion with Roche's subsidiary for an investigational treatment targeting colorectal cancer and other solid tumors [1] Company Summary - Hansoh Pharma is expanding its portfolio through a significant licensing deal, indicating a strategic move to enhance its presence in the oncology market [1] - The agreement highlights the collaboration between Hansoh Pharma and Roche, a major player in the pharmaceutical industry, which may provide Hansoh with valuable resources and expertise [1] Industry Summary - The deal reflects ongoing investment and interest in the oncology sector, particularly in treatments for colorectal cancer and solid tumors, which are critical areas of focus in cancer research and development [1] - The financial commitment of up to $1.45 billion underscores the potential market value and demand for innovative cancer therapies [1]

Core Viewpoint - Hansoh Pharmaceutical (03692) has entered into a licensing agreement with F. Hoffmann-La Roche Ltd for the global exclusive rights to develop, manufacture, and commercialize HS-20110, a CDH17-targeted antibody-drug conjugate, excluding mainland China, Hong Kong, Macau, and Taiwan [1] Group 1: Licensing Agreement Details - The agreement involves a payment of $80 million as an upfront fee to Hansoh Pharmaceutical [1] - Hansoh is eligible to receive up to $1.45 billion in milestone payments based on the product's development, regulatory approval, and commercialization progress [1] - Future potential sales will also generate tiered royalties for Hansoh [1] Group 2: Product and Clinical Trials - HS-20110 is currently undergoing global Phase I clinical trials for the treatment of colorectal cancer (CRC) and other solid tumors in both China and the United States [1] Group 3: Company Background - Roche Holding AG, the parent company of the licensee, is a leading global biotechnology company and a pioneer in the pharmaceutical manufacturing industry, established in 1896 in Basel, Switzerland [1] - The board of Hansoh believes that this licensing agreement aligns with the best interests of the company and its shareholders, maximizing the scientific and commercial value of its technology platform [1]

Core Insights - Hansoh Pharmaceutical (03692) announced a licensing agreement with F. Hoffmann-La Roche Ltd for the global exclusive rights to develop, manufacture, and commercialize HS-20110, excluding mainland China, Hong Kong, Macau, and Taiwan [1][2] - The agreement includes an upfront payment of $80 million, with potential milestone payments of up to $1.45 billion based on the product's development, regulatory approval, and commercialization progress, along with tiered royalties on future sales [1] - HS-20110 is an investigational CDH17-targeted antibody-drug conjugate (ADC) currently undergoing global Phase I clinical trials for the treatment of colorectal cancer (CRC) and other solid tumors in China and the United States [1] Company Overview - Roche Holding AG, the parent company of the licensee, is a leading global biotechnology company and a leader in in vitro diagnostics, established in 1896 in Basel, Switzerland [2] - The board of Hansoh Pharmaceutical believes that entering into this licensing agreement aligns with the overall best interests of the company and its shareholders, maximizing the scientific and commercial value of its technology platform [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Hansoh Pharmaceutical Group Company Limited 翰森製藥集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：3692） 內幕消息 與羅氏訂立許可協議 本公告乃由翰森製藥集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）根 據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第 571章證券及期貨條例第XIVA部的內幕消息條文（定義見上市規則）而作出。 根據許可協議，許可人將授予被許可人開發、生產及商業化HS-20110（「該產品」） 的全球獨佔許可（不含中國內地、香港、澳門和台灣）。許可人將獲得8,000萬美元 首付款，並有資格根據該產品開發、註冊審批和商業化進展收取最高14.5億美元 里程碑付款，以及未來潛在產品銷售的分級特許權使用費。 該產品是一款在研CDH17靶向抗體–藥物偶聯物(ADC)，目前正在中國和美國開 展用於治 ...

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 2.42% on October 16, with a trading volume of 1.486 billion yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 15, 2024, the fund's shares reached 8.213 billion, with a total size of 7.102 billion yuan, reflecting a significant increase of 1977.25% in shares and 1779.88% in size compared to December 31, 2023 [1] Fund Performance - The current fund manager, Ma Jun, has achieved a return of 68.94% since taking over the fund on January 3, 2024 [2] - The ETF's top holdings include companies such as Innovent Biologics, WuXi Biologics, BeiGene, and others, with significant percentages of the portfolio allocated to these stocks [2] Trading Activity - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 30.962 billion yuan, averaging 1.548 billion yuan per day [1] - Since the beginning of the year, the ETF has seen a total trading amount of 222.219 billion yuan over 189 trading days, averaging 1.176 billion yuan per day [1]

Core Viewpoint - The Chinese innovative pharmaceutical sector is experiencing significant growth, with companies transitioning from generic to innovative drug development, and is expected to continue as a key investment theme in the medium to long term [1][2]. Group 1: Market Performance - The three major A-share indices rose collectively in early trading, with the Shanghai Composite Index up 0.1% to 3916.1 points, the Shenzhen Component Index up 0.15%, and the ChiNext Index up 0.69% [1]. - The total trading volume in the Shanghai and Shenzhen markets reached 12,229 billion yuan, a decrease of 576 billion yuan from the previous day, with over 1,200 stocks rising [1]. Group 2: Innovative Drug Sector - The innovative drug concept stocks strengthened again, with various Hong Kong innovative drug ETFs rising over 2% [1]. - The upcoming European Society for Medical Oncology (ESMO) conference in October 2025 is anticipated to showcase new data from innovative drug companies, including domestic firms like Kangfang Biotech and Hengrui Medicine [1]. Group 3: Industry Insights - The Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs significantly opening new growth avenues for companies [1]. - Major traditional pharmaceutical companies like Hengrui Medicine and Hansoh Pharmaceutical have successfully transformed into innovative firms, while emerging companies are rapidly gaining global recognition [1]. - The aging population is driving demand for chronic disease treatments, contributing to the growth of the silver economy [1]. - The healthcare payment system is steadily growing, with the National Healthcare Security Administration promoting the development of commercial insurance [1]. - The rise of AI is expected to introduce new growth logic in the pharmaceutical industry, with a positive outlook for innovative drugs and medical devices [1]. Group 4: Investment Recommendations - The innovative drug sector is projected to maintain high revenue growth and reduce losses, with Q3 expected to continue this trend [2]. - Investment opportunities are suggested in sectors with improving performance, such as CXO, upstream scientific reagents, and medical devices [2].

Core Viewpoint - The Hong Kong Stock Connect innovative drug sector is showing strong performance, with the Hong Kong Stock Connect Innovative Drug ETF (520880) experiencing significant trading activity and price increases, indicating a bullish sentiment in the market [1][4]. Group 1: Market Performance - The Hong Kong Stock Connect Innovative Drug ETF (520880) surged by nearly 4% in early trading, surpassing its 5-day moving average, with trading volume exceeding 400 million yuan, surpassing the previous day's total [1]. - The ETF covers 37 innovative drug research companies, with 36 stocks showing gains, including notable increases from companies like BeiGene and China Biologic Products [4]. - The index tracked by the ETF has shown a year-to-date increase of 108.14%, outperforming other innovative drug indices [8]. Group 2: Key Companies and Their Performance - Major companies within the ETF include: - BeiGene (6160) with a weight of 10.46%, current price at 191.60, and a 2.13% increase [2]. - China Biologic Products (1177) with a weight of 10.01%, current price at 7.66, and a 2.00% increase [2]. - Innovent Biologics (1801) with a weight of 9.20%, current price at 88.35, and a 3.21% increase [2]. - Other notable performers include CanSino Biologics and 3SBio, with increases of over 6% and 7% respectively [4]. Group 3: Upcoming Events and Opportunities - The European Society for Medical Oncology (ESMO) annual meeting is scheduled from October 17 to 21 in Berlin, which is expected to be a significant platform for domestic pharmaceutical companies to showcase their achievements and explore new business development opportunities [2]. - Recent business development transactions, such as the $100 million upfront payment by Innovent Biologics, indicate a robust pipeline for potential deals in the coming months, particularly in the traditional peak season for such transactions [3]. Group 4: Policy and Economic Environment - Domestic policy adjustments in the medical insurance directory are expected to support genuine innovation, providing a stable outlook for commercialization [3]. - The resumption of the Federal Reserve's interest rate cut cycle is anticipated to benefit the Hong Kong Stock Connect innovative drug sector through improved valuation and financing conditions [3].