I went directly to Hanmi Pharmaceutical headquarters | Jo Hee-jin, Hana Securities Apgujeong Financial Center PB

Summary

Jo Hee-jin, a PB at Hana Securities, visits Hanmi Pharmaceutical headquarters and shares a bullish case for the company based on a major Eli Lilly tech transfer deal, an upcoming domestic obesity drug, and a promising pipeline. She also argues that the Korean biotech sector is near a bottom, with historical low valuations and selling exhaustion setting the stage for a rebound with the right catalyst.

• Jo Hee-jin, Hana Securities PB, personally visited Hanmi Pharmaceutical’s headquarters and met with IR.
• Hanmi recently signed a 1.9 trillion won substance tech transfer deal with Eli Lilly, receiving a non‑refundable 133 billion won upfront (6% rate).
• The company will launch an injectable obesity drug in Q4, similar to Mounjaro but optimized for Asians with fewer side effects, expected to boost sales.
• Additional pipeline includes muscle‑preservation agents and triple agonists with first‑in‑class/best‑in‑class potential, creating more licensing possibilities.
• The KOSPI Pharma/Biotech Index has fallen to 2015 levels, with a 40% drop in two months, but selling exhaustion seems to have been reached.
• Big pharma M&A is strong and drug pricing pressure may accelerate technology transfer to Korean biotechs, a supportive dynamic.
• The sector is near a bottom; a trigger like a mega deal could spark a H2 rebound.
• Despite sector difficulties, Hanmi Pharmaceutical is highlighted as a company with tangible near‑term catalysts worth watching.