In addition to the generic drug for gastroesophageal reflux, which will be available in the US in November 2022, the drug for multiple sclerosis will be available in the first quarter of this year, and HND-032, a smoking cessation aid, will also be licensed in the first quarter. Chairman of Handa Pharma, Bill Liu, said that the goal for this year is to make a profit first, and the company will get better and better in the future, hoping to reach a market value of US$1 billion in three years. Hantec's generic drug HND-002 for the treatment of gastro-oesophageal reflux was launched in the US market by partner Par on 23 November and Hantec will receive a share of the profits from the sale. Handa's General Manager Toshiyo Chen said via its earnings call that the company has already gained 4.6% market share in the first month of its launch at the end of December, and is continuing to discuss with FDA to obtain the 180-day exclusive rights to sell the generic drug.
For multiple sclerosis, Handa has signed an exclusive distribution agreement with Cycle Pharmaceuticals Ltd. In the US, under which Handa will receive royalties of up to US$56 million. The UK partner has already announced that the product is expected to be launched in the first quarter of next year, which will result in not only tiered royalties but also milestone payments. The product is not a generic drug and is targeted at patients who have not used it before or at patients who are switching from one drug to another, so sales are expected to rise steadily. Other markets are also being discussed for licensing, and a company specialising in orphan drugs has been approached in Taiwan.
Smoking cessation aid 032, with a market of approximately US$900 million in the US, is currently the only one marketed in the US and is targeted to be marketed in the US in the first quarter of this year. Another anti-cancer drug, HND-033, with a market of $1.4 billion, has already obtained two orphan drug approvals and enjoys seven-year exclusivity.
As for the outlook for 2023, Chairman Liu said that the goal is to make profits first, and the future will get better and better, and he expects the company's market capitalisation to reach US$1 billion in three years. Currently, Handa's market capitalisation is around NT$15 billion. If the market capitalisation is to reach US$1 billion, it would mean that the share price would double without any increase in share capital. Handa is looking forward to becoming a highly profitable company this year, with profits starting at half an equity share.
