Eppe launch, $2.3 bil. licensing deal for HM17321 fuel investor optimism
Hanmi Pharmaceutical is gaining attention as it prepares to launch Korea’s first glucagon-like peptide-1 (GLP-1)-based obesity drug, Eppe, while also signing a licensing deal worth up to $2.3 billion for a separate obesity drug candidate
In recent weeks, a series of analysts at domestic brokerages have raised their price target on Hanmi Pharm, citing the company’s potential in obesity drugs
“We expect Hanmi Pharm’s corporate value to increase with the upcoming domestic approval and launch of efpeglenatide (Eppe), as well as the release of Phase 1 trial results for HM17321,” DS Securities analyst Kim Min-jeong said in a report on Tuesday, raising the company’s price target to 720,000 won ($519) from 680,000 won
Samsung Securities on Tuesday also raised its price target on Hanmi Pharm to 610,000 won, up from 500,000 won, citing the potential of HM17321
Eppe and HM17321 are key drugs and drug candidates in Hanmi Pharm’s obesity treatment pipeline. Eppe is a long-acting GLP-1 obesity treatment based on Lapscovery, Hanmi Pharm’s own platform technology
The drug was initially licensed out to global pharmaceutical company Sanofi in 2015 as a diabetes treatment, but the rights were returned in 2020. Hanmi Pharm then decided to develop the drug as its own obesity treatment
The company applied for approval from Korea’s Ministry of Food and Drug Safety in December 2025, and the application is currently under review, with Hanmi Pharm saying it will be able to launch the drug in the second half of this year
If launched, Eppe will become the first GLP-1-based obesity treatment developed by a Korean pharmaceutical company. It also can be Korea’s 44th domestically developed novel drug
Eppe is also expected to be priced more aggressively than leading GLP-1-based obesity treatments such as Wegovy and Mounjaro. Because Hanmi Pharm plans to manufacture the drug at its own biopharmaceutical plant in Pyeongtaek, Gyeonggi Province, it is also expected to provide a more stable supply in the Korean market
“Eppe is more than just a new drug. It represents the legacy of Hanmi Pharm’s decades-long commitment to innovative drug development,” a Hanmi Pharm official said
“We plan to develop Eppe beyond an obesity treatment into a key therapeutic option for a broader range of metabolic diseases.”
HM17321 is a drug candidate that aims to become a first-in-class treatment capable of reducing fat while preserving muscle mass, overcoming a key limitation of existing GLP-1-based obesity treatments. It received a U.S. Food and Drug Administration approval on its Phase 1 investigational new drug application in November 2025, and the trial is currently underway
On Monday, Hanmi Pharm signed a deal to license out the candidate to Genentech, a subsidiary of global pharmaceutical giant Roche
Under the deal, Hanmi Pharm will receive an upfront payment of $190 million and could receive up to $2.3 billion including milestone payments. The upfront payment is the largest ever received by a Korean pharmaceutical company for a single drug candidate
Genentech will be responsible for the development, manufacturing and commercialization of HM17321 worldwide except Korea, while Hanmi Pharm will retain the domestic rights. Hanmi Pharm plans to complete the ongoing Phase 1 trial, and Genentech will take over development from Phase 2. Hanmi Pharm will also receive separate royalties after commercialization
“According to the company’s announcement at American Diabetes Association in June, HM17321 has shown efficacy in not only obesity and diabetes but also in in a model of age-related muscle loss,” Hana Securities analyst Kim Seon-a said
“Despite being an early-stage pipeline candidate, the deal is worth up to $2.3 billion, because of its high potential for combination therapies and its potential to expand beyond diabetes and obesity into sarcopenia.”
- Hanmi Pharm signs $2.3 bil. licensing deal with Roche’s Genentech for obesity drug candidate
- Hanmi Pharmaceutical gets attention with world’s 1st ‘muscle-building’ obesity drug
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