Hansoh Pharma’s two ADCs advance: Phase III benefit in osteosarcoma, competitive early ovarian cancer data

What improved in the Phase III osteosarcoma results?

Among Chinese patients with osteosarcoma that relapsed or was refractory after at least two lines of systemic therapy, median progression-free survival by independent imaging review was 5.5 months with Ris-Rez and 1.4 months with gemcitabine plus docetaxel, a difference of 4.1 months; the hazard ratio for disease progression or death was 0.33.
Overall survival data remain immature, with a hazard ratio of 0.51, showing a favorable trend. J.P. Morgan considers the progression-free survival benefit clinically meaningful and supportive of approval in China.
New drug applications for Ris-Rez in second-line small-cell lung cancer and third-line or later osteosarcoma have both been accepted for review; the bank expects both indications could be approved in China in the second half of 2027.

In the osteosarcoma trial, Ris-Rez was administered at 16.0 mg/kg every three weeks, twice the dose used in the small-cell lung cancer trial. J.P. Morgan considers the safety profile generally manageable, but serious adverse event rates were high in both groups.
The incidence of grade 3 or higher treatment-emergent adverse events was 92.5% in the Ris-Rez group and 83.3% in the chemotherapy group; treatment-related serious adverse events occurred in 63.8% and 28.6%, respectively, driven primarily by hematologic toxicity.
The Ris-Rez group reported 1 case of treatment-related grade 2 interstitial lung disease, which resolved; there were no treatment-related deaths or new safety signals.

In the global Phase I BEHOLD-1 study in platinum-resistant ovarian cancer, the selected Mo-Rez dose was 5.8 mg/kg every three weeks. At a median follow-up of 13.4 months, the confirmed objective response rate was 62%, median duration of response was 12.2 months, and median progression-free survival was 11.1 months.
J.P. Morgan considers these data competitive with FRα-targeted ADCs: the next-generation peer drugs cited in the report had response rates of approximately 55% in Phase II studies and median progression-free survival close to or slightly below 10 months. However, differences in prior Elahere use, lines of therapy and trial design limit cross-trial comparisons.
In the selected-dose group, 71% of patients experienced grade 3 or higher treatment-related adverse events, and 2% discontinued treatment because of treatment-related adverse events. The bank believes more data are needed to assess its global competitive positioning and the relevance of a Phase III study.

J.P. Morgan maintained its Overweight rating on Hansoh Pharma and its December 2027 price target of HK$50; the share price listed in the report as of 26 October 2026 was HK$32.90.
The bank expects sales of innovative drugs and licensing income to drive compound annual growth rates of 12% and 15% in revenue and net profit, respectively, through 2030. Its price target uses discounted cash flow analysis and includes commercialized innovative drugs, late-stage pipeline assets, and existing and potential out-licensing income.
Risks to this valuation include clinical trial failure, market share erosion by new entrants or new therapies, and geopolitical effects on out-licensing opportunities.