翰森制药于2026年10月19日晚间公告，再度与罗氏（ROG SW，未评级）达成对外授权合作，涉及两个临床前ADC项目及罗氏提议的多个ADC项目，均基于翰森自有ADC技术平台；翰森负责完成全球1a期临床前的早期开发，罗氏负责大中华区以外的全球开发，翰森并有权提名最多两个项目在大中华区以外共同开发并分享美国商业化收益。交易对价包括4亿美元首付款、1.1亿美元一周年付款，以及超150亿美元的开发、注册和商业化里程碑款与分级销售分成。这是继2025年10月HS-20110（CDH17 ADC）后罗氏第二次引进翰森ADC资产，我们认为反复合作印证罗氏对其ADC平台的信心，且本次规模更大、结构上体现翰森的国际化意图。我们据此在原有预测基础上，为2026/2027财年收入分别增加7亿元/10亿元合作收入，并将2026/2027财年盈利分别上调30%/20%；
On 19 October 2026 evening (HKT), Hansoh announced another out-licensing deal with Roche (ROG SW, Not rated) covering two preclinical ADC programs and multiple Roche-proposed ADC programs built on Hansoh's proprietary ADC platform. Hansoh handles early-stage development up to global phase 1a completion, Roche leads development outside greater China, and Hansoh may nominate up to two additional programs for co-development outside greater China with potential US commercialization upside. Hansoh receives a USD400mn upfront payment and a USD110mn first-anniversary payment, plus more than USD15bn in development, regulatory and commercialization milestones and tiered sales royalties. As Roche is licensing Hansoh's ADCs for the second time (after HS-20110 in October 2025), we view the recurring collaboration as endorsement of Hansoh's ADC platform and, given the larger deal size and co-development structure, of its international ambitions. We add CNY700mn/CNY1,000mn of collaboration revenue t