Hanmi Pharmaceutical (128940.KS) received a higher valuation view from KB Securities after licensing its next-generation obesity candidate HM17321 to Roche in a deal worth up to 3.2 trillion won ($2.3 billion), including a $190 million upfront payment. KB maintained its buy rating and raised its target price 12.1% to 650,000 won from 580,000 won, implying about 31% upside from Hanmi’s previous close of 494,500 won. HM17321, a urocortin 2 (UCN2) analog, is viewed as a potential differentiator for Roche, a late entrant to the obesity market, and could be developed alone or alongside GLP-1 medicines. KB estimated fifth-year sales at $1.75 billion and said its valuation could rise if indications expand to age-related diseases or clinical data support broader use. The brokerage also highlighted regulatory uncertainty around treatments for obesity-related muscle loss, including the need to establish clinical benefit and muscle-function improvement. HM17321’s value will depend on results from a Phase 1 multiple ascending dose study in the first quarter of next year. KB expects the upfront payment in the second half and plans to reflect it, together with the effects of the Aptose acquisition, in earnings. Efpeglenatide’s domestic launch this year and potential further licensing deals remain part of the investment case.