Hansoh Pharma - H: Platform collaboration deal with Roche confirms early drug discovery capabilities once more

J.P. Morgan comments on Hansoh Pharma's (3692.HK) new multi-program ADC collaboration with Roche. The agreement covers two Hansoh preclinical ADCs and multiple ADC programs against Roche-proposed targets using Hansoh's platform. Hansoh will lead early development through global Phase Ia trials, while Roche takes over further development outside mainland China, Hong Kong, Macau and Taiwan, where Hansoh retains rights. Hansoh receives US$400m upfront plus US$110m on the first anniversary, and is eligible for more than US$15bn in development, approval and sales milestones plus royalties. Hansoh can opt in to co-develop up to two programs outside Greater China, creating a route into the US market, though the cost, profit share and timing are undisclosed. J.P. Morgan views this as Hansoh's first early-stage, platform-based out-licensing deal and Roche's first such collaboration with a Chinese pharma company, placing Hansoh alongside Hengrui and CSPC, and sees the upfront as tangible validat