Glonghui December 25 | Goldman Sachs published a report stating that Hanson Pharmaceuticals announced a second antibody drug conjugate (ADC) agreement with GSK, granting GSK the right to develop HS-20093, an ADC outside of Greater China, to expand the partnership. Of this, the licensor will collect a down payment of $185 million and will be eligible to receive a milestone payment of up to $1,525 million for the product when relevant events are reached. The bank believes that the two ADC deals between Hanson Pharmaceuticals and GSK will open the door for more global partners, further validate the company's early efforts in ADC development, and unlock the pipeline's value in the global market. The bank gave the company a “buy” rating, with a target price of HK$16.86.