Hanmi Pharmaceutical has signed a contract to transfer the development rights of its obesity drug candidate, 'HM17321', to the U.S. biotech company Genentech for up to $2.3 billion (approximately 3.2 trillion won). This deal is considered the largest 'jackpot' in the history of South Korea's pharmaceutical industry for a single drug candidate. As a result, market attention is now focused on Hanmi's pipeline for obesity and metabolic diseases.
According to industry sources, 'HM17321', which has been licensed to Genentech, is designed to reduce fat while preserving muscle. It is a next-generation obesity treatment candidate that is a urocorin-2 (UCN2) analog from the incretin class. In preclinical studies, it showed excellent results in weight loss and body composition improvement, both when administered alone and in combination with GLP-1 class treatments.
Market analysts suggest that this contract reflects the value of the new mechanism of 'muscle preservation' being recognized by the market. Seok Geun-hee, a researcher at Samsung Securities, stated, "The fact that a large-scale contract was signed for HM17321, even in the early stages of clinical trials, indicates a high valuation of its potential to address the limitations of existing GLP-1 obesity drugs, which often lead to muscle loss, while achieving both weight loss and muscle preservation as a new paradigm in obesity treatment."
Hanmi's 'H.O.P (Hanmi Obesity Pipeline)' project, which has been pursued as a future growth engine in the obesity sector, is now bearing fruit, leading to increased expectations for its self-developed GLP-1 obesity drug, 'Epeglanatide (HM11260C)'.
In December of last year, Hanmi submitted a product approval application for Epe to the Ministry of Food and Drug Safety. Epe has been designated as a 'Global Innovative Product Fast Track Review (GIFT)' candidate, with approval expected as early as October.
According to the company, Epe achieved an average weight loss rate of 9.75% in a Phase 3 clinical trial involving 448 domestic obesity patients after 40 weeks. This is a significant reduction compared to the placebo group's rate of 0.95%.
Currently, the obesity treatment market is dominated by Eli Lilly's 'Mounjaro' and Denmark's Novo Nordisk's 'Wegovy'. According to the pharmaceutical market research firm IQVIA, Mounjaro generated sales of 323.2 billion won in the first quarter of this year, while Wegovy's sales reached 104 billion won. The combined quarterly sales of the two products exceed 400 billion won.
Mounjaro's dominance has become increasingly pronounced. Since its domestic launch in August of last year, it surpassed Wegovy in sales in the fourth quarter of that year and widened the gap to more than three times in the first quarter of this year. According to the pharmaceutical data analysis platform BLP Insight, as of May, Mounjaro held a market share of 78% in the domestic injectable obesity treatment market, while Wegovy accounted for 15%.
Given the intense market competition, Hanmi plans to produce Epe directly at its bio plant in Pyeongtaek to ensure price competitiveness and supply stability. Some analysts speculate that Epe's pricing could be set lower than the pharmacy selling price of Mounjaro's initial dosing (around 310,000 to 350,000 won per month).
Hanmi is currently developing six pipelines for obesity and metabolic disease treatments, including Epeglanatide, HM15275, HM17321, HM500197, sonifeglutide, and LA-UCN2. In the fiercely competitive domestic obesity drug market, where Mounjaro and Wegovy have established a duopoly, Hanmi is expected to target the domestic market by leveraging its price competitiveness, stable supply chain, and clinical data on Koreans.
Choi In-young, Vice President of Hanmi Pharmaceutical, stated, "The differentiated scientific mechanism and development potential of HM17321 have been recognized by the global market. We will continue to strive for the development of innovative new drugs."
* This article has been translated by AI.
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