Hansoh Pharma (3692 HK): Strategic ADC Platform Partnership With Roche Announced

Hansoh Pharma has announced a strategic collaboration and licensing agreement with Roche to co-develop a portfolio of ADC products across multiple tumor types. Hansoh is to receive USD400mn upfront, USD110mn at the one-year anniversary, potential milestone payments exceeding USD15bn, and sales royalties. This marks the second ADC collaboration with Roche following the CDH17 ADC deal in October 2025, and could yield the company's first two co-co molecules with an MNC, deepening its global engagement. Previously, Hansoh out-licensed multiple ADCs through single-product deals. This is the first platform-based portfolio collaboration, validating the sustainability of its innovation output. We like innovation and BD as dual drivers of growth. Maintain BUY. The collaboration covers two preclinical ADC assets from Hansoh and multiple ADC programs with targets proposed by Roche and developed on Hansoh's proprietary ADC technology platform;