Hanmi Pharmaceutical (KRX: 128940) has signed a global licensing agreement with Eli Lilly and Company for sonefpeglutide — a long-acting GLP-2 biologic targeting short bowel syndrome — in a deal valued at up to $1.26 billion, the companies announced on June 1. The agreement marks one of Korea's largest pharmaceutical outlicensing transactions of the year and sent Hanmi shares surging 9.78% to ₩539,000 (58) on the Korea Exchange.
Under the terms, Lilly pays Hanmi an upfront fee of $75 million and may pay up to an additional $1.185 billion in clinical development, regulatory approval, and commercialization milestones. Hanmi will also receive royalties on future product sales. Lilly gains exclusive worldwide development, manufacturing, and commercialization rights to sonefpeglutide, excluding Korea, where Hanmi retains all rights.
A GLP-2 Bet in the Age of GLP-1
While Eli Lilly has built much of its market leadership on GLP-1 drugs — including tirzepatide (Mounjaro) — its decision to license Hanmi's GLP-2 compound signals a broadening strategy. Glucagon-like peptide 2 (GLP-2) targets intestinal biology rather than metabolic appetite suppression: it promotes intestinal cell growth, reduces inflammation, and helps regenerate mucosal tissue. Sonefpeglutide applies Hanmi's proprietary LAPSCOVERY™ platform, which uses a specialized protein-polymer conjugation technology to dramatically extend drug half-life, enabling once-monthly dosing.
The drug is currently in a Phase 2 global clinical trial for short bowel syndrome (SBS), a rare condition in which patients lose or fail to absorb nutrients through the small intestine — often following surgical resection. Hanmi will continue running the existing Phase 2 study; Lilly plans to initiate additional trials drawing on that data.
LAPSCOVERY Platform Gains Global Validation
Hanmi has secured FDA marketing approval for one biologic built on LAPSCOVERY, with five additional programs in development under the same platform spanning oncology, obesity-metabolism, and rare diseases. Vice Chairman Lim Ju-hyun framed the Lilly deal as validation of the underlying technology: "It is highly meaningful that Lilly — one of the most closely watched innovators globally — has recognized the development potential for sonefpeglutide," Lim said.
Korea Investment Securities raised its target price for Hanmi to ₩740,000 — a roughly 37% premium to Friday's close — citing the technology transfer as confirmation of mid-year earnings momentum. IBK Investment Securities separately expects Hanmi to deliver a short-term earnings surprise in the second or third quarter, buoyed by the $75 million upfront milestone falling into the current reporting window.
Korea's Rare-Disease Biotech Ambition
The agreement underscores South Korea's growing ambition to export pharmaceutical intellectual property rather than finished drugs. Hanmi has now licensed assets to AstraZeneca, Janssen (J&J), and Sanofi in past years, and the Lilly deal extends that track record to the world's most valuable pharmaceutical company by market capitalisation. SBS affects an estimated 10,000–20,000 patients in the United States alone, and the existing standard of care — Shire's teduglutide (Gattex) — has faced supply and access challenges, leaving a meaningful unmet need for a next-generation GLP-2 therapy.
Sources: PR Newswire (Hanmi official release, June 1 2026) · Korea Herald · Korea Investment Securities · IBK Investment Securities
