Citi Maintains HK$32 Target Price and 'Buy' Rating on Hansoh Pharmaceutical (03692) Following New Licensing Deal with Regeneron

According to the Zhisheng Finance APP, Citibank issued a research report stating that it maintains the target price of Hansoh Pharma (03692) at 32 Hong Kong dollars and a "Buy" rating. Citibank noted that Hansoh Pharma announced it has reached a licensing agreement with the U.S. company Regeneron for the clinical-stage GLP-1/GIP candidate drug HS-20094. As a result, Hansoh will receive: 1) an upfront payment of 80 million US dollars; 2) potential payments of up to 1.93 billion US dollars, as well as double-digit product sales royalties.

This is the fourth licensing agreement that Hansoh Pharma has reached with global pharmaceutical companies in the past two years, highlighting the company's successful innovative transformation. Chinese innovative pharmaceutical companies are playing an increasingly important role in global innovation. As of May 2025, approximately 43% of deals (with upfront payments exceeding US$50 million) have come from China. Nomura believes that the trend of BD business cooperation is likely to continue in the future.