K-바이오의 진격, 한미약품 ‘릴리 딜’이 쏘아 올린 글로벌 파트너십의 서막 > K-wave Trends

Hanmi Pharmaceutical's achievement is not just about the monetary scale. The core candidate, "Efinopegdutide (HM15912)," is a next-generation GLP-2 analog being developed for the treatment of short bowel syndrome, and it has received high marks for overcoming the limitations of existing therapies. While the current drug, "Gattex," requires daily administration, the candidate proposed by Hanmi offers the convenience of achieving the same effect with just one subcutaneous injection per month. This ease of administration is a key competitive advantage that can dramatically improve a patient's quality of life, and it is interpreted as the decisive reason why Lilly chose Hanmi's technology despite already possessing a strong portfolio in the obesity and metabolic disease sector.

Market experts are focusing on the potential for indication expansion hidden behind this contract. Beyond the rare disease of short bowel syndrome, it is speculated that strategic options have been included to expand the scope to a wide range of diseases in the future, such as type 2 diabetes, Crohn's disease, and small bowel dysfunction caused by cancer treatment. This is interpreted as a strategic move by Lilly to not only secure a treatment for a rare disease but also to bolster its metabolic disease lineup and strengthen its market dominance. In particular, the fact that the upfront payment ratio was set in line with global market standards, despite the drug being in the development stage for rare diseases, proves how much of a leading position Hanmi Pharmaceutical holds at the global negotiation table.

Hanmi Pharmaceutical's confidence does not stop here. Having presented technology exports as a core management guideline since the beginning of the year, it is highly likely that multiple promising pipelines are already in the stage of fine-tuning specific contract terms with global pharmaceutical companies. Of particular note are the triple-agonist obesity treatment "HM15275" and the next-generation muscle-building agent "HM17321," which prevents muscle loss. Among them, HM17321 is expected to emerge as the hottest topic in the pharma/biotech sector in the second half of the year, as it has completed its single-ascending dose study and is awaiting data disclosure. These candidates are considered strong contenders for additional technology transfers within the year, given that they target obesity and metabolic diseases, which are currently in the highest demand in the global market.

Looking at the Korean pharmaceutical and biotech industry as a whole, the scale of technology exports in the first half of this year has already grown by more than 15% compared to the same period last year, poised to break all-time records. The chain of technology exports worth 3 trillion won in a single day, demonstrated by Hanmi Pharmaceutical and Oscotec, shows that the R&D competitiveness of Korean companies has become the optimal alternative to fill the pipeline gaps of global Big Pharma. In particular, the "BIO USA" conference to be held at the end of this month is expected to be a turning point that will accelerate this growth trend. The technological prowess of domestic companies, led by the fields of obesity treatments and antibody-drug conjugates (ADC), will be showcased on a large scale, and there is widespread expectation across the industry that additional joint development or technology transfer contracts will be concluded.

Of course, even amidst these rosy prospects, a cool-headed analysis is necessary. Technology export is merely an intermediate stop in the drug development process; the arduous hurdles of Phase 3 clinical trials and regulatory approval remain for final commercial success. However, the global negotiation power and pipeline value proven by Hanmi Pharmaceutical suggest that Korean pharmaceutical companies are being incorporated into the mainstream of the global new drug ecosystem, going beyond simple short-term profit generation. As the government has also strongly expressed its will to foster the industry and set a goal to significantly expand the scale of technology exports by 2030, if the public and private sectors work together to upgrade the R&D environment, Korea will soon be able to be reborn as a home for global blockbuster drugs.