On the evening of October 19, 2026, Hansoh Pharmaceutical Group (03692.HK) announced that its wholly-owned subsidiaries Shanghai Hansoh Biomedical Co., Ltd., Changzhou Hansoh Pharmaceutical Co., Ltd. and Hansoh Bio, LLC (collectively, Hansoh) entered into a strategic collaboration and license agreement on October 17 with F. Hoffmann-La Roche Ltd. This marks the two companies' second partnership in the antibody-drug conjugate (ADC) field.
The collaboration spans a broad portfolio of ADC programs, comprising two preclinical Hansoh ADC programs and multiple ADC programs based on Roche-proposed targets and powered by Hansoh's proprietary ADC technology platform. Under the agreement, Hansoh will lead the early development of the programs up to completion of global Phase Ia clinical trials, while Roche will be responsible for further worldwide development excluding the Chinese Mainland, Hong Kong, Macau and Taiwan. Hansoh retains all rights to develop, register and commercialize the programs within Greater China.
Under the agreement, Hansoh will receive an upfront payment of US$400 million and a first-anniversary payment of US$110 million, and be eligible to receive potentially more than US$15 billion in milestone payments tied to the development, regulatory approval and commercialization of the programs, along with tiered royalties on future product sales. Hansoh also has the option to select up to two programs and contribute to their development outside Greater China, in return becoming eligible for incremental upside from the U.S. commercialization of these two programs.
The ADC technology platform is Hansoh's core out-licensing asset. The company has built five frontier technology franchises spanning ADCs, synthetic peptides, siRNA, bispecific antibodies and innovative small molecules, with innovative drugs accounting for 85.4% of revenue in the first half of 2026. Its self-developed B7-H3-targeting ADC (HS-20093) met the primary endpoints in two pivotal Phase III trials in small-cell lung cancer and osteosarcoma in July 2026, and its marketing application for small-cell lung cancer was accepted by China's NMPA on September 2.
Catalyzed by the landmark deal, Hansoh shares rose more than 7% intraday on October 20. Analysts noted that the potential milestone package of over US$15 billion sets a new high for Chinese ADC out-licensing, and that Roche's move to propose targets and deeply anchor itself to Hansoh's platform represents a top-tier endorsement of the global competitiveness of Hansoh's ADC technology.

Source: https://www1.hkexnews.hk/listedco/listconews/sehk/2026/1019/2026101900015.pdf