Hanmi Pharm. Co., Ltd. (128940.KS) announced that it has entered into a licensing agreement with Eli Lilly and Company (LLY) for the development, manufacturing, and commercialisation of Hanmi's biologic drug candidate Sonefpeglutide.
Following the news, the Hanmi Pharm shares are surging 6.52% to 523,000 Korean Won on the Korean Stock Exchange.
Sonefpeglutide is Hanmi's long-acting GLP-2 (glucagon-like peptide-2) analogue, and Hanmi is currently running a global Phase 2 study known as DOLPHINS-2, evaluating Sonefpeglutide in short bowel syndrome patients.
Under the agreement, Hanmi will receive an upfront payment of $75 million and may receive up to an additional $1.185 billion in clinical development, regulatory approval and commercialisation milestone payments. In addition, Hanmi will be eligible to receive royalties following product launch.
And in return, Lilly will obtain exclusive rights to develop, manufacture and commercialise Sonefpeglutide worldwide, excluding Korea.
Juhyun Lim, Vice Chairman of Hanmi, stated, "Lilly, one of the most closely watched innovators globally, has highly recognised the development potential for Sonefpeglutide."
Hanmi is R&D-focused and develops therapies in therapeutic areas such as obesity/metabolism, oncology, and rare diseases.
128940.KS has traded between 267,500.00 and 647,000.00 Korean Won over the last year. The stock closed Friday's trade at 491,000 Korean Won.
LLY closed Friday's trade at $1105.05, down by $1.93. In the overnight trade, LLY is down $1096.88, down 0.73%.
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