Hansoh Pharma Secures IND Approval for New CNS Drug HS-10509; Pipeline and Licensing Momentum Builds

　　【Pharmaceutical Network Enterprise NewsOn January 17, Hansoh Pharma announced that HS-10509 Tablets, a Class 1 new drug independently developed by its subsidiary companies, Hosen Pharmaceutical and Shanghai Hansoh Biologics, had received the clinical trial notification issued by the National Medical Products Administration. It is intended for the treatment of schizophrenia, with the specific indications to be determined after clinical trials.
 

Public information shows that Hansoh Pharma is a China-driven innovative pharmaceutical company. The company focuses on major disease treatment areas such as anti-tumor, anti-infection, central nervous system, metabolism, and autoimmune diseases, and is committed to improving the quality of human life through continuous innovation.
 

The approval of the company's new drug for schizophrenia to enter clinical trials this time, if subsequent development proceeds smoothly, will mean that its layout in the central nervous system field is expected to achieve another success. Affected by this news, Hansoh Pharma opened nearly 5% higher in the morning session.
 

Recently, the company has been receiving a continuous stream of positive news. In addition to the approval for clinical trials of HS-10509 tablets, the company has also received clinical trial notifications for other drugs, including HS-10511 tablets, a self-developed Class 1 new drug intended for the treatment of hypertrophic cardiomyopathy, and HS-20106 injection, an introduced drug for the treatment of anemia.
 

At the same time, the company also licensed two drugs for over $32 billion to GlaxoSmithKline (GSK). On December 20, 2023, Hansoh Pharma's wholly-owned subsidiary, Hansoh Biologics, entered into a licensing agreement with GSK. GSK will obtain the exclusive global license for the development, production, and commercialization of HS-20093. Hansoh Pharma will receive an upfront payment and milestone payments totaling $17.1 billion from GSK. Just two months prior, Hansoh Pharma announced the licensing of a new drug, HS-20089, to GSK, with the upfront payment and milestone payments for that transaction amounting to $15.7 billion.
 

In addition, the group announced that three innovative drugs have been included in the new edition of "National Basic Medical Insurance, Work-related Injury Insurance and Maternity Insurance Drug Catalog (2023)". Among them, the company's self-developed Class 1 innovative drug, Pegmoceptin Injection (brand name: Shengluolai®), which was approved for two indications in 2023, has been initially included in the new medical insurance catalog. It is used to treat anemia caused by chronic kidney disease (CKD), including adult non-dialysis patients who have not received erythropoiesis-stimulating agent treatment, and adult dialysis patients receiving short-acting erythropoietin treatment; Aimitenovir Tablets (brand name: Hengmu®) continue to be included in the new national medical insurance catalog; Morinidazole Sodium Chloride Injection (brand name: Mailingda®) has been included in the regular catalog of the new national medical insurance catalog.

 

Innovative drugs have become the main source of income for Hansoh Pharma. The 2023 interim results announcement shows that Hansoh Pharma's revenue from innovative drugs reached 2.786 billion yuan, accounting for 61.8% of total revenue. During the reporting period, the company recorded revenues of approximately 2.555 billion yuan, 601 million yuan, 701 million yuan, and 654 million yuan in the fields of anti-tumor, anti-infection, central nervous system, metabolism, and others, respectively, accounting for approximately 56.6%, 13.3%, 15.5%, and 14.6% of total revenue. In addition, in the first half of 2023, the company had more than 30 innovative drugs undergoing over 40 clinical trials, demonstrating strong R&D momentum. In the first half of 2023, the company's R&D expenditure reached 929 million yuan, increasing to 20.6% of total revenue. This continuous investment in innovative R&D has driven its innovative pipeline into a period of intensive harvest.
 

CMB International previously stated that academic promotion activities in the pharmaceuticals industry have gradually resumed, and the results of the national reimbursement drug list negotiations for the company's three innovative drugs were positive. The bank expects product sales revenue to recover to double-digit growth in 2024. Based on the adjusted DCF model, the target price has been raised to HK$16.70, and the rating has been adjusted to "Buy".
 

Disclaimer: In any case, the information or opinions expressed in this article do not constitute investment advice to any person.