Hanmi Pharmaceutical's first technology export in a year

The new leukemia technology transfer to Aptose

Since 2015, it has established itself as a cash cow for technology fees

Until the 3rd quarter of this year, the technology fee was 200 million

Hanmi Pharmaceutical is speeding up its efforts to secure profits from technology fees, which had slowed down for a while.

 

It has secured a down payment of 10 billion won by exporting new drug technology in the past year, and expectations are high for subsequent new drug development.

 

According to an industry on the 11th, Hanmi Pharmaceutical exported FLT3 inhibitor "HM43239," which is being developed as an innovative drug for AML treatment, to Aptose Biosciences on the 4th.

 

Under the contract, Hanmi Pharmaceutical will receive a $12.5 million down payment (about 15 billion won) from Aptose Biosciences in cash and $7.5 million in Aptose Biosciences shares.

 

After that, it will receive up to $47.5 million (about 485 billion won) in clinical, development, permission, and commercialization milestones for various indications.

 

You will also receive a step-by-step royalty for sales.

 

Hanmi Pharmaceutical completed the export of new drug technology in a year and three months.

 

Hanmi Pharmaceutical exported a non-alcoholic steatohepatitis treatment to MSD in August last year.

 

The GLP-1-based double agent whose rights were returned from Janssen was transferred back to MSD after a year.

 

It is a double-acting treatment that simultaneously activates GLP-1, which helps secrete insulin and suppress appetite, and glucagon, which increases energy metabolism, and Hanmi Pharmaceutical's original technology for lapscovery, which increases drug efficacy duration, is applied.

 

Hanmi Pharmaceutical's new technology export contract is also expected to expand technology fee profits.

 

Hanmi Pharm is expected to temporarily recognize the down payment of $5 million (about 6 billion won) received in cash from Aptose Biosciences as technology fee revenue.

 

Hanmi Pharmaceutical has established its technology fee revenue in earnest since 2015 when it began to produce technology export results in earnest.

 

However, in recent years, when technology exports have become less successful, technology fee profits have decreased significantly.

 

Until the third quarter of this year, Hanmi Pharmaceutical's technology fee revenue was only 200 million won.

 

No technology fee revenue was generated in the first and second quarters, and 200 million won flowed in in the third quarter.

 

Hanmi Pharmaceutical earned a total of 512.5 billion won in technology fees from down payments received from Lily, Beringer, Sanofi, and Janssen in 2015 and secured more than 10 billion won in technology fees every year.

 

Hanmi Pharmaceutical posted 27.7 billion won in technology fees in 2016, which is the result of returning some of them due to the revision of the contract with Sanofi.

 

Initially, Hanmi Pharmaceutical received a down payment of 400 million euros in 2015 when it signed three technology transfer contracts with Sanofi.

 

At this time, Hanmi Pharmaceutical reflected only KRW 255.6 billion in its accounting books and chose a method of recognizing the rest in installments for 36 months.

 

At the end of 2016, Hanmi Pharmaceutical returned 로를196 million through contract modification, including the return of the rights of some tasks (continuous insulin).

 

Hanmi Pharmaceutical remitted about 160 million euros by revising the contract without recognizing about 160 billion won in down payment received from Sanofi as revenue (255.6 billion won in 2015 and 63.9 billion won in the first to third quarters of 2016).

 

Hanmi Pharmaceutical earned 57.7 billion won in 2017, 44.6 billion won in 2018, and 20.4 billion won in 2019.

 

During this period, the down payment received from Genentech was recognized in installments.

 

Hanmi Pharmaceutical signed a technology transfer contract with Genentech in September 2016 for the RAF target anticancer drug "HM95573.

 

If the down payment is $80 million and clinical development, permission, and commercialization are successful, the condition is to receive $830 million sequentially as a step-by-step milestone.

 

Hanmi Pharm received a down payment of $80 million from Genentech on December 2, 2016.

 

At that time, 93.8 billion won was deposited if 1,173 won was applied based on the won-dollar exchange rate.

 

Hanmi Pharmaceutical recognized the down payment in installments for 30 months on its accounting books, and the period of recognition of the down payment in April 2019 ended.

 

Last year, the company temporarily recognized $10 million in down payment secured through a technology export contract with MSD, generating 10 billion won in technology fee revenue.

 

Hanmi Pharm has also secured additional milestones following the development of the anticancer drug "Auraxol" exported to Athensx.

 

Hanmi Pharmaceutical can secure additional technology fees according to the development of technology export tasks.

 

Belvarafenib, which transferred technology to Genentech, is currently conducting global clinical trials for commercialization by Genentech and Roche.

 

"belvarafenib" is a pan-RAF inhibitor-based targeted anticancer drug.

 

It acts as a mechanism to inhibit RAF, a type of mitogen-activated protein (MAP) kinase that mediates intracellular signaling.

 

Genentech has proven excellent drug resistance and safety in combination with existing approved treatments and plans to expand global clinical trials for patients with NRAS melanoma.

 

Roche added two cohorts of belvarafenib-related monologues and combination therapy to its ongoing large-scale clinical project, "TAPISTRY." "TAPISTRY" is a clinical trial aimed at providing customized treatments to metastatic solid cancer patients who cannot operate with certain mutations.

 

According to a quarterly report submitted to the U.S.

 

Securities and Exchange Commission by Hanmi Pharmaceutical's partner Spectrum Pharmaceuticals, Spectrum agreed to pay up to $358 million in milestones to Hanmi Pharmaceutical according to the commercialization performance of the anticancer drug Poziotinib.

 

Spectrum plans to submit an application for FDA approval as early as this year.

 

If "Rolontis," a treatment for neutropenia that has been applied for permission from the U.S.

 

Food and Drug Administration (FDA), is approved, it will pay $10 million to Hanmi Pharmaceutical.

 

Poziotinib is a pan-HER2 anticancer drug that Hanmi Pharmaceutical transferred to Spectrum in 2015.

 

Rolontis, which was transferred to Spectrum in 2012, is a new biopharmaceutical applied with Hanmi Pharmaceutical's Labscovery platform technology that increases the duration of the drug's efficacy in the body.