Roche’s Hansoh ADC Deal Is Worth Over $15.5 Billion, With $400 Million Upfront for Programmes Still in the Lab

Hansoh Pharma said on 19 October that it has granted Roche worldwide rights outside Greater China to a portfolio of antibody-drug conjugates built on Hansoh’s ADC platform: two preclinical Hansoh programmes and multiple programmes against targets Roche proposes. Hansoh leads early development through global Phase Ia, after which Roche takes over, and Hansoh can choose up to two programmes to co-develop outside its territories in return for a share of US commercial upside. Hansoh is also eligible for tiered royalties. It is the companies’ second ADC deal, after Roche licensed the CDH17-targeting HS-20110 in October 2025 for $80 million upfront.

$400m

Upfront payment to Hansoh

$110m

Further payment due on the first anniversary

$15bn+

Potential milestones across the portfolio

This upfront against the $80m Roche paid for HS-20110

Deal read

Roche is paying platform money for programmes that do not exist yet. Upfront and anniversary payments reach $510 million for two preclinical assets and programmes on targets Roche proposes, so Roche is buying Hansoh’s ability to make ADCs to order. The milestone total sizes the number of attempts, not the value of any one of them.

Hansoh: from single-asset licensor to development partner. Its 2023 licence of the B7-H3 ADC HS-20093 to GSK was one asset for $185 million upfront. This deal keeps Greater China, runs early development in Hansoh’s hands and adds a US co-development option on two programmes, terms that show how much leverage Chinese ADC platforms now hold.
Western ADC platform companies: the comparison just got harder. A partner can now commission targets from a Chinese platform with a Phase Ia handover built in. Platforms pitching to large pharma will be asked to match that speed and cost, or to offer chemistry Hansoh cannot.
Signposts: the targets, the first trials and the two options. Watch for the targets Roche nominates, the first global Phase Ia starts, which two programmes Hansoh elects to co-develop, and early clinical data from HS-20110 as the first test of the relationship.

Read the original source (Hansoh Pharma) →
Read the 2025 HS-20110 licence (Hansoh Pharma) →