Novo Nordisk Signs $2.6B Hengrui Oral GLP-1 Deal

Editor’s Take: In May, Hengrui and BMS partnered to advance a portfolio of 13 early stage programs in oncology, hematology and immunology. The Chinese pharmaceutical company also signed pacts with GSK and Merck in 2025.

Novo Nordisk has entered into a license agreement with Hengrui Pharma for HRS-1596, a phase 1-ready glucagon-like peptide-1 receptor (GLP-1R) and gastric inhibitory polypeptide receptor (GIPR) dual agonist, with potential for once-weekly oral dosing.

Under the terms of the agreement, Novo will obtain exclusive rights to develop, manufacture and commercialize HRS-1596 globally, excluding mainland China, Hong Kong, Macao and Taiwan. The potential total value of the agreement is up to $2.6 billion contingent on the achievement of applicable development, regulatory and commercial milestones. This includes a $300 million upfront payment. In addition, Hengrui Pharma is eligible to receive royalties based on net sales of HRS-1596 within the licensed territory.

HRS-1596 is designed to reduce weight and improve glycemic control through multiple mechanisms, including appetite suppression, stimulation of insulin secretion, and improved insulin sensitivity, supporting its potential use in obesity, type 2 diabetes, and other metabolic diseases. HRS-1596 has potential to be developed for once-weekly oral administration, which would substantially reduce dosing frequency and improve convenience compared with current offerings. Hengrui Pharma has received approval in China to initiate phase 1 clinical trials with HRS-1596 for weight management and type 2 diabetes.

Martin Holst Lange, EVP, Research & Development and Chief Scientific Officer at Novo, said, “Hengrui Pharma has a proven track record of discovering and advancing innovative therapies with the patients in the center, and we are excited to add HRS-1596 to our growing pipeline and to explore its potential to raise the bar for convenience in the field.”

Frank Jiang, MD, Ph.D., EVP and Chief Strategy Officer of Hengrui Pharma, said, “This collaboration brings together Hengrui’s innovation strengths and Novo’s global leadership in GLP-1 therapies and obesity care. Together, we aim to advance this innovative therapy for patients worldwide.”

The license agreement is subject to clearance under the U.S. Hart-Scott-Rodino Antitrust Improvements Act and the satisfaction of other customary closing conditions. The transaction is expected to close in the fourth quarter of 2026.