[Edaily Reporter KIM YOON-JEONG ] KIWOOM Securities assessed that HanmiPharm(128940)has once again demonstrated its research and development (R&D) competitiveness by licensing HM17321, a non-incretin-class obesity treatment candidate, to Genentech, a member of the Roche Group. Reflecting the new drug value of HM17321, the firm raised its target price to 730,000 won and maintained its “Buy” investment rating.

On the 25th, Heo Hye-min, an analyst at KIWOOM Securities, noted, “This news of an additional technology transfer to Genentech comes just three months after the technology transfer to Lilly last June.” KIWOOM Securities assessed that HanmiPharm’s R&D competitiveness has once again been proven, given that the company secured a large-scale technology transfer agreement while still in the early stages of Phase 1 clinical trials.
HanmiPharm announced the previous day that it had licensed HM17321, a non-incretin UCN2 (Urocortin-2) analog developed in-house, to Genentech, a member of the Roche Group. The upfront payment is $190 million (approximately 262.9 billion won), with maximum milestone payments of $2.1 billion (approximately 2.9263 trillion won), bringing the total deal value to $2.3 billion (approximately 3.2 trillion won).
Researcher Heo explained that this candidate compound is part of HanmiPharm’s independently developed pipeline, and there are no profit-sharing issues with Hanmi Science regarding the allocation of the upfront payment. The ongoing Phase 1 clinical trial is scheduled to conclude in March 2027, according to ClinicalTrials.gov.
KIWOOM Securities highlighted that HM17321 has the potential to preserve muscle and improve body composition during weight loss. While existing incretin-based obesity treatments have the limitation of reducing not only fat but also lean body mass and muscle during weight loss, HM17321 has demonstrated in preclinical studies the ability to reduce body fat while increasing lean body mass and muscle mass.
Researcher Heo analyzed, “In addition to monotherapy, a strategy to improve body composition while maintaining weight loss effects through combination therapy with incretin agents is also possible.”
As latecomers to the obesity treatment market, Roche and Genentech are focusing on building a portfolio based on differentiated mechanisms of action and combination therapies rather than simply competing on weight loss rates. Analysts note that, following enicepatide (GLP-1/GIP) for weight loss, petrelintide (amylin) for tolerability and combination therapy, and the oral CT-996 (GLP-1), HM17321 has strengthened the company’s capabilities in the areas of muscle gain and body composition improvement.
Regarding the $190 million upfront payment made during the early Phase 1 clinical trial stage, Research Analyst Heo stated, “We speculate that this reflects a high evaluation of UCN2’s differentiated mechanism of action and its future potential for combination therapy.”
KIWOOM Securities has not yet reflected this upfront payment in its earnings estimates. This is because it is currently unclear whether the payment will be recognized at some point during the third or fourth quarter of this year, or whether it will be recognized as a lump sum or in installments. However, the firm raised its target price to 730,000 won to reflect the new value of HM17321 as a novel drug.