As the news of Hanmi Pharmaceutical's large technology export contract worth 1.9 trillion won with G..

As the news of Hanmi Pharmaceutical's large technology export contract worth 1.9 trillion won with Global Big Pharma U.S. Eli Lilly spread, the stock market is raising its target stock price every day by reflecting the value of new drugs.

On the 2nd, Meritz Securities drastically raised its target stock price to 690,000 won, reflecting the new drug value of Sonepeglutide, a candidate for treatment for short bowel syndrome, while DB Financial Investment raised it to 630,000 won and Korea Investment & Securities and Samsung Securities raised it to 740,000 won each.

In addition, a number of securities companies, including Daol Investment & Securities (730,000 won), DS Investment & Securities (680,000 won), and Kiwoom Securities (660,000 won), gave positive reviews on the news of Hanmi Pharmaceutical's technology exports.

Earlier, Hanmi Pharmaceutical announced on the 1st that it had signed a global technology transfer contract with Eli Lilly for its own short-body syndrome treatment candidate, "HM15912, LAPS GLP-2 analog."

The total contract size amounts to $1.26 billion (about 1.8973 trillion won), of which $75 million (about 112.9 billion won) is the final down payment (upfront) that is not obligated to return. Milestones received according to future development and commercialization phases will be $1.185 billion, and royalties based on net sales will be separately received after commercialization.

The deal will give Eli Lilly exclusive rights to the development, manufacturing and commercialization of Sonepeglutide in markets around the world except South Korea.

"This contract is significant in that it is the first technology export to global big pharma in about six years since the technology transfer with MSD in 2020," said Jeong Lee-soo, a researcher at IBK Investment & Securities. "In particular, the down payment of $75 million is expected to be immediately reflected in the performance during the second and third quarters of this year, which is expected to surprise short-term earnings."

The biggest reason Eli Lilly chose Hanmi Pharmaceutical's Sonepeglutide is the convenience of medication. Long bowel syndrome is a rare disease that causes severe malabsorption and malnutrition as more than 60% of the total small intestine is lost due to birth factors or surgical resection.

Japan's Takeda, currently the only approved treatment in the global marketPharmaceutical's "Gattex" is a blockbuster drug that generates annual sales of about $936 million (about 1.4 trillion won) as of 2025 despite the inconvenience of having to get a subcutaneous injection every day.

On the other hand, Hanmi Pharmaceutical's Sonepeglutide is being developed as the world's first subcutaneous injection formulation by applying its own platform technology, LAPSCOVERY, to significantly increase its half-life.

Compared to Gatex, which is currently administered daily, or competing drugs such as Afraglutide and Glepaglutide, which are undergoing phase 3 clinical trials with one to two doses per week, the possibility of commercial success is high.

Kim Joon-young, a researcher at Meritz Securities, said, "As the bowel syndrome market has a small number of patients and is a rare disease market centered on specialized centers, there is a high possibility of gentle erosion even if Gatex's generics enter." "Unlike previous drugs, Sonepeglutide has a convenience of administration once a month, which is a key difference."

Researcher Kim further analyzed, "The results of additional improvements in small intestine mass and absorption capacity identified in the preclinical stage can be a strong basis for Eli Lilly's strategy to develop conversion treatments in the future."

Using this contract as a signal, the market is paying attention to the possibility of transferring additional technology to the obesity treatment pipeline that Hanmi Pharmaceutical is focusing on.

Hanmi Pharmaceutical plans to announce a large number of preclinical and clinical data of the next-generation obesity treatment HM17321 (LA-UCN2), which prevents muscle loss and loses weight at the American Diabetes Association (ADA).

Han Seung-yeon, a researcher at NH Investment & Securities, said, "This technology transfer is not just the disappearance of materials, but the beginning of momentum," and emphasized, "The possibility of technology transfer of obesity treatments such as LA-UCN2, a new drug for muscle maintenance obesity, is still firmly effective within this year, and if additional deals are made, it can become an obesity major stock in the domestic pharmaceutical and bio markets."

Lee Myung-sun, a researcher at DB Financial Investment, also said, "Illy Lilly, the No. 1 company for obesity and metabolic diseases, is a good partner in leading the global commercialization of Sonepeglutide," adding, "Based on Eli Lilly's portfolio in the future, there is ample room for further expansion of indications in existing rare diseases such as MASH (metabolic related fatty liver disease) treatments and inflammatory bowel disease."