Economic Observer reporter Liu Xiaonuo

On the evening of October 19th, Hanson Pharmaceuticals (03692. HK) announced a business development (BD) deal with Roche, setting a new record for the highest potential total transaction volume of Chinese ADC (antibody conjugated drugs) going global.

This collaboration is similar to the "packaged BD" that has appeared multiple times in 2026, involving assets such as two preclinical ADC projects of Hanson Pharmaceuticals, as well as multiple ADC projects proposed by Roche and developed based on Hanson Pharmaceuticals' own ADC innovation technology platform.

In this transaction, Hanson Pharmaceuticals will receive a down payment of $400 million and an annual payment of $110 million, with potential milestone payments for development, registration, and commercialization exceeding $15 billion. Hansen Pharmaceuticals also has the right to charge tiered licensing fees based on potential future product sales.

The potential total amount of this transaction exceeds 15.51 billion US dollars. According to the Economic Observer, this is currently the largest potential total transaction volume for Chinese ADC drugs going abroad.

Hanson Pharmaceuticals reserves all rights and interests in the aforementioned ADC project in mainland China, Hong Kong, Macao, and Taiwan. In addition, some arrangements have broken through the classic external authorization model, which is worth noting:

Firstly, Hanson Pharmaceuticals will lead the early development of these projects, and Roche will be responsible for further developing these projects globally (excluding mainland China and Hong Kong, Macao, and Taiwan) until the completion of global Phase Ia clinical trials at the latest;

Secondly, Hansen Pharmaceuticals can choose up to two projects to participate in its global development; In return, Hansen Pharmaceuticals can generate additional revenue from commercializing these two projects in the United States.

Global clinical development capability is one of the key capabilities for innovative drugs to go global, and overseas commercialization revenue is the core goal of going global. Through the above arrangements, Hanson Pharmaceuticals can not only accumulate the ability to independently conduct global clinical trials, but also avoid bearing the main risks of global later development, and is expected to share the commercial returns brought by the US market.

This is the second collaboration between Hanson Pharmaceuticals and Roche. In October 2025, Hanson Pharmaceuticals and Roche reached their first cooperation on ADC drugs. Hanson Pharmaceuticals granted Roche a global exclusive license for CDH17 ADC (excluding mainland China, Hong Kong, Macau, and Taiwan). Hansen Pharmaceuticals has received a down payment of $80 million and is eligible for corresponding milestone payments, as well as royalties for potential future product sales.

ADC is a field that Hansen Pharmaceuticals is focusing on. Although Hansen Pharmaceuticals has not yet received approval for an ADC drug, it has emerged recently and the harvest period is approaching.

In July 2026, Hanson Pharmaceuticals announced the successful completion of two Phase III clinical trials of its self-developed B7-H3 ADC Rui Kang Li Fu Tuo Ta monoclonal antibody. In September, at the 2026 World Lung Cancer Congress, the Phase III clinical trial data of Rui Kang Li Fu Tuo Ta monoclonal antibody for the treatment of small cell lung cancer was officially announced, attracting industry attention. There is currently no approved B7-H3 ADC worldwide, and Rui Kang Li Fu Tuo Ta monoclonal antibody provides important validation for this target. At present, the marketing application of Ruikang Lifututamab in China has been accepted and included in the priority review.

At the end of 2023, Hanson Pharmaceuticals has reached a cooperation agreement with GlaxoSmithKline regarding the potential transaction value of approximately 3.28 billion US dollars for Ruikang Lifututamab, B7-H4 ADC, and GlaxoSmithKline. GlaxoSmithKline is advancing multiple global Phase III clinical trials for these two drugs.