HanmiPharm Secures 3.2 Trillion in Technology Export Deal for New Obesity DrugOn the 24th
,HanmiPharm signed an exclusive licensing agreement with Genentech for HM17321, a drug candidate for the treatment of metabolic diseases such as obesity, type 2 diabetes, and cardiovascular disease.
The total contract value is $2.305 billion (approximately 3.1892 trillion won). HanmiPharm will receive a non-refundable upfront payment of $190 million (approximately 262.9 billion won). It will receive milestone payments totaling up to $2.115 billion (approximately 2.9263 trillion won) based on clinical development, regulatory approval, and commercialization milestones, and will separately receive ongoing royalties linked to annual net sales following the product’s launch.
Genentech has secured exclusive rights to develop, manufacture, and commercialize HM17321 worldwide, excluding HANTECH LTD. HanmiPharm will complete the ongoing Phase 1 clinical trial, after which Genentech will take over development starting with Phase 2. The current Phase 1 trial is evaluating the safety, tolerability, pharmacokinetics (PK), and pharmacodynamics (PD) following single and repeated doses in healthy adults and obese patients.
HM17321 is a non-incretin-based urocortin-2 (UCN2) analog developed in-house by HanmiPharm. It is being developed as a “first-in-class” drug aimed at selectively reducing body fat while minimizing lean body mass and muscle loss—limitations commonly associated with existing glucagon-like peptide-1 (GLP-1) class therapies.
In preclinical trials, HanmiPharm confirmed that HM17321, when administered alone or in combination with GLP-1 therapies, resulted in weight loss and improvements in body composition. As it is a peptide-based therapy, the company has left open the possibility of developing it in combination with GLP-1 therapies or as a fixed-dose combination in the future.
This technology export is considered significant because it marks a global big pharma company securing a candidate compound in the early clinical stages, at a time when the competitive benchmark in the obesity treatment market is shifting from simple weight loss to muscle preservation and improvements in body composition. In particular, the fact that the upfront payment amounts to approximately 8.2% of the total contract value is interpreted as a sign that the technology’s value was highly evaluated.
The market reacted immediately. On the day the deal was announced, HanmiPharm’s stock price hit a new daily high of 540,000 won, up 29.96% from the previous trading day.
Jeong Yi-su, an analyst at IBK Investment & Securities, stated, “HM17321 is a pipeline developed following the spin-off from Hanmi Science, and we expect it to be reflected in HanmiPharm’s earnings without any separate profit sharing,” adding “As interest in HanmiPharm’s obesity drug development capabilities has grown following the large-scale technology transfer of HM17321, HM15275—a triple agonist of GLP-1, GIP, and glucagon currently in Phase 2 clinical trials—is also likely to emerge as a candidate for future technology transfers.”
SK BIOPHARMACEUTICALS Secures ‘Opacalim’ for 1.1 Trillion WonOn the 26th
,SK BIOPHARMACEUTICALS signed a worldwide exclusive license agreement with U.S.-based Biohaven for the epilepsy drug candidate Opacalim and its potassium channel (Kv7) discovery platform.
The deal is valued at up to $795 million (approximately 1.0996 trillion won). Of this amount, the upfront payment is $400 million (approximately 553.2 billion won). SK BIOPHARMACEUTICALS will pay $350 million upon closing the transaction and the remaining $50 million one year later.
The agreement includes not only Opacalym but also Biohaven’s other Kv7 activator compounds and the Kv7 discovery platform, which enables the identification of new candidates. This means SK Biopharm has secured not only a single candidate but also a foundation to independently expand its epilepsy pipeline.
Opacalime is a once-daily oral therapeutic candidate that selectively activates the Kv7.2 and Kv7.3 potassium channels, which regulate excessive excitation in neurons. It aims to reduce central nervous system side effects—such as drowsiness and dizziness—commonly associated with existing epilepsy treatments.
Global Phase 2 and 3 clinical trials, “RISE2” and “RISE3,” are currently underway in patients with intractable partial seizures. RISE3 completed patient enrollment last June, and topline results are expected in the second half of this year. If development proceeds as planned, SK BIOPHARMACEUTICALS intends to pursue regulatory approval with the goal of launching the drug in the U.S. in 2029.
SK BIOPHARMACEUTICALS plans to leverage the sales force of over 150 employees—built through the direct local sales of cenobamate via its U.S. subsidiary, SK Life Sciences—for the commercialization of opacalimum as well. The company believes that selling the two products complementarily within the same epilepsy field will reduce the time and costs required to establish a new sales network.
It is also noteworthy that the company has reduced its reliance on cenobamate as a single product and secured a candidate to fill the growth gap following patent expiration. Consequently, on the day the deal was announced, SK BIOPHARMACEUTICALS’ stock price rose 8.5%, and some securities firms raised their target prices.
Of course, given that this is a major transaction involving an upfront payment of over 550 billion won, and with key clinical results scheduled for the second half of this year, the burden is not insignificant. Consequently, some analysts suggest that the topline results in the second half will be the first turning point determining the success or failure of the 1 trillion won bet on Opakalim.
