Hanmi Pharm, Genentech Ink $2.3B Obesity Drug Licensing Deal

Hanmi Pharm has entered an exclusive licensing agreement with Genentech, a member of the Roche Group, to develop, manufacture and commercialize HM17321, Hanmi’s investigational metabolic treatment candidate for obesity and related conditions, including type 2 diabetes and cardiovascular disease.

The agreement covers global rights outside South Korea. Under the terms of the deal, Hanmi will receive a $190 million upfront payment from Genentech and is eligible for development, regulatory and commercial milestone payments that could bring the total value to approximately $2.3 billion. Hanmi may also receive tiered royalties on future product sales if HM17321 is commercialized.

HM17321 is a proprietary urocortin-2 analog designed with a non-incretin mechanism of action. Hanmi is developing the peptide-based candidate as a potential first-in-class therapy intended to promote weight loss while preserving lean body mass, a concern associated with some incretin-based obesity treatments.

According to Hanmi, preclinical studies have shown quantitative and qualitative improvements in weight reduction when HM17321 was evaluated as a monotherapy and in combination with GLP-1-based therapies. The company said the candidate may also have potential for fixed-dose combination products or use in combination regimens with incretin-based treatments.

Hanmi received U.S. FDA clearance in November 2025 to begin a Phase 1 trial of HM17321. The ongoing study is evaluating safety, tolerability, pharmacokinetics and pharmacodynamics in healthy volunteers and individuals with obesity. Hanmi will complete the Phase 1 trial, after which Genentech is expected to assume development beginning with Phase 2 studies.

The transaction adds to Roche’s cardiometabolic pipeline as large pharmaceutical companies continue to pursue next-generation obesity therapies aimed at differentiating beyond GLP-1-based weight-loss mechanisms.

In-Young Choi, SVP, Head of R&D Division of Hanmi Pharm said, “The paradigm of obesity treatment is evolving beyond simple weight reduction toward improving body composition and restoring metabolic health. We are very pleased that the differentiated scientific mechanism and development potential of HM17321 have been recognized by the global market.”

“With our growing cardiometabolic pipeline and strong diagnostic expertise, Roche is advancing a portfolio designed to meet the diverse needs of people living with obesity and related health conditions,” said Boris L. Zaïtra, head of Roche Corporate Business Development. “By licensing this next-generation investigational therapy with first-in-class potential from Hanmi, Roche and Genentech will pursue a differentiated approach to selectively reduce fat mass while improving both muscle mass and muscle function. We look forward to further developing this medicine in order to address important unmet needs for people living with obesity and other metabolic diseases.”