With Hanmi Pharmaceutical's successful large-scale technology transfer of HM17321, a muscle-preserving obesity treatment candidate, analysts say the company's other obesity drug pipelines may also be revalued.

■ Target Price Raised 27.5%... 'Buy' Opinion Maintained

On the 27th, Shinyoung Securities analyzed that the technology transfer of HM17321 enables a revaluation of Hanmi Pharmaceutical's entire obesity treatment pipeline. Shinyoung Securities maintained its 'Buy' investment opinion on Hanmi Pharmaceutical and raised its target price by 27.5%, from 510,000 won to 650,000 won.

■ Contract Down Payment of $190 Million... Total Deal Size Up to $2.305 Billion

On the 24th, Hanmi Pharmaceutical transferred the technology for HM17321, a muscle-preserving obesity drug candidate, to Genentech, a subsidiary of the Roche Group. The contract size, combining a $190 million down payment with milestones for development, approval, and commercialization, amounts to up to $2.305 billion (approximately 3.2 trillion won). Genentech secured exclusive rights to research, develop, manufacture, and commercialize HM17321 in global regions excluding South Korea.

■ New Competitive Landscape of 'Muscle Loss Management'... Large-Scale Investment by Global Big Pharma

The securities industry sees significance less in the contract itself than in the fact that a global major pharmaceutical company has committed large-scale funds to a new mechanism of action for next-generation obesity treatments. While the existing obesity treatment market has centered competition on weight-loss efficacy, analysts say the ability to minimize muscle loss during treatment could emerge as a new competitive factor going forward.

HM17321 is a candidate developed to preserve or increase muscle during the weight-loss process. Accordingly, it is being discussed as a potential option for combination use with existing GLP-1-based treatments or as a differentiated obesity treatment strategy.

■ HM15275, HM-500197... Attention on Expanded Valuation Scope

The possibility that the valuation scope will expand to Hanmi Pharmaceutical's other obesity treatment candidates has also been raised. Shinyoung Securities analyzed that additional technology transfer potential for remaining obesity treatment pipelines such as HM15275 and HM-500197 needs to be watched.

HM15275 is a triple-acting obesity treatment targeting glucagon, GIP, and GLP-1 receptors simultaneously. HM-500197 is a candidate aimed at muscle preservation through myostatin inhibition.

■ Future Key Issues: Global Pharma Interest and Clinical Results

Whether the success of the HM17321 technology transfer will lead to global pharmaceutical companies' interest in follow-up pipelines is expected to be a major variable determining future corporate value. However, the value of new drug candidates can vary significantly depending on clinical trial results, development progress, and additional technology transfers. For HM17321 as well, its future clinical development process and Genentech's development strategy will need continuous monitoring.

[Stocks may exhibit increased price volatility depending on corporate performance, industry conditions, merger terms, market supply and demand, and other factors. Securities firms' analyses and forecasts may differ from actual future results and do not guarantee returns on specific stocks. Before making investment decisions, it is necessary to comprehensively review the company's official disclosures, financial condition, and business progress. This article is not intended to recommend the purchase or sale of specific stocks. This article was written with AI assistance.]