Roche licenses Hanmi obesity drug for up to $2.3B
Roche’s Genentech unit has licensed global rights outside South Korea to HM17321, Hanmi Pharm’s Phase 1 obesity candidate. The deal gives Hanmi $190 million (€163 million) upfront and could be worth up to $2.3 billion (€2.0 billion), including development, regulatory and commercial milestones. Hanmi is also eligible for tiered royalties on future sales.
Why it matters: The agreement adds another mechanism to Roche’s growing obesity pipeline as drugmakers look beyond weight loss alone and focus on preserving muscle.
How it works: HM17321 is a long-acting analog of urocortin-2, or UCN2, a signaling protein involved in metabolic and cardiovascular processes. Unlike GLP-1 drugs, the peptide uses a non-incretin mechanism. Hanmi designed it to reduce fat while preserving lean body mass – a concern with existing obesity treatments – and sees potential for its use alone or alongside GLP-1 therapies.
- Preclinical studies linked HM17321 to weight reduction as both a monotherapy and in combination with GLP-1 drugs, according to Hanmi.
Zoom in: The U.S. Food and Drug Administration cleared Hanmi’s investigational new drug application in November 2025. An ongoing Phase 1 trial is assessing safety, tolerability, pharmacokinetics and pharmacodynamics in healthy volunteers and people with obesity. Hanmi will complete that study before Genentech takes control of development from Phase 2.
- Roche also plans to explore the candidate in conditions associated with obesity, including type 2 diabetes and cardiovascular disease.
Big picture: Last year, Roche unveiled its plan to become a top-three company in obesity. Its pipeline already includes the injectable GLP-1/GIP drug enicepatide, oral GLP-1 candidate CT-996 and petrelintide, an amylin analog partnered with Denmark’s Zealand Pharma.
- The Swiss group is also testing the muscle-building antibody emugrobart with Eli Lilly’s Mounjaro in Phase 2. HM17321 gives Roche a second way to tackle the loss of lean mass associated with weight reduction.
