Core Insights - Hansoh Pharmaceutical has entered into a licensing agreement with a Roche subsidiary for its investigational drug HS-20110, allowing global development, production, and commercialization while retaining rights in Greater China [1] - The deal includes an upfront payment of $80 million and potential milestone payments totaling up to $1.45 billion, with a total potential deal value of $1.53 billion [1] - The drug is a targeted ADC (antibody-drug conjugate) aimed at CDH17, currently in global Phase I clinical trials for colorectal cancer and other solid tumors [1] Company Summary - Hansoh Pharmaceutical has previously engaged in two licensing deals in the ADC field with GlaxoSmithKline, with upfront payments of $85 million and $185 million, and potential milestone payments of $1.485 billion and $1.525 billion respectively [2] - The company reported a research and development expenditure of approximately RMB 1.441 billion in the first half of 2025 [1] - Following the announcement of the licensing deal, Hansoh Pharmaceutical's stock rose by 3.92%, reaching HKD 37.1 per share, with a total market capitalization of HKD 224.6 billion [2] Industry Summary - ADC drugs have become a highly competitive area in the innovative pharmaceutical sector, with major multinational companies actively acquiring ADC assets [2] - Roche has significantly increased its investment in ADC assets, completing three licensing deals in the ADC field within three months earlier this year, with a cumulative potential total amount exceeding $4 billion [2]