Hanmi Pharm and Genentech Sign $2.3 Billion Licensing Deal for Obesity Drug Candidate
South Korean pharmaceutical company Hanmi Pharm has signed an exclusive licensing agreement with Genentech, a U.S.-based member of the Roche Group, to develop and commercialize its novel obesity treatment candidate. The deal, announced on Monday, covers the development, manufacturing, and commercialization of HM17321, a long-acting uro-cortin-2 (UCN2) analog, for obesity and related conditions including type 2 diabetes.
Under the terms of the agreement, Genentech will hold exclusive rights to research, develop, manufacture, and commercialize HM17321 worldwide except in South Korea, where Hanmi retains the rights. The financial terms, as reported by The Manila Times, include an upfront payment of $190 million, with the total deal value potentially reaching approximately $2.3 billion when including development, regulatory, and commercial milestone payments, plus tiered royalties on future product sales. Yonhap News Agency reported the deal's value at 3.2 trillion won (US$2.3 billion).
A Differentiated Approach to Obesity Treatment
HM17321 is a proprietary UCN2 analog with a non-incretin mechanism of action, distinguishing it from GLP-1-based therapies that are currently widely used for weight management. According to The Manila Times, the drug candidate is designed to promote weight loss while preserving lean body mass, a key differentiator from existing treatments that are associated with a reduction in lean body mass. The company describes it as a potential first-in-class treatment.
In preclinical studies, HM17321 has demonstrated both quantitative and qualitative improvements in weight reduction, both as a monotherapy and in combination with GLP-1-based therapies. The Manila Times also noted that as a peptide-based therapeutic, HM17321 may have future potential for use in fixed-dose combination products or combination regimens with incretin-based treatments.
Boris L. Zaïtra, head of Roche Corporate Business Development, was quoted in both The Manila Times and Yonhap as saying, "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." He also noted that with Roche's growing cardiometabolic pipeline and strong diagnostic expertise, the company is advancing a portfolio designed to meet the diverse needs of people living with obesity and related health conditions.
In-Young Choi, Senior Executive Vice President and Head of R&D Division of Hanmi Pharm, was quoted by The Manila Times as stating that the paradigm of obesity treatment is evolving beyond simple weight reduction toward improving body composition and restoring metabolic health.
Clinical Development and Next Steps
In November 2025, Hanmi received investigational new drug (IND) clearance from the U.S. Food and Drug Administration (FDA) to initiate a Phase 1 clinical trial of HM17321. The ongoing study is evaluating the safety, tolerability, pharmacokinetics, and pharmacodynamics of the drug in healthy volunteers and individuals with obesity, as reported by The Manila Times.
Under the agreement, Hanmi will be responsible for completing the Phase 1 trial, after which Genentech will take over development starting with Phase 2 clinical trials. This transition is confirmed by both The Manila Times and Yonhap.
Hanmi Pharm said it will continue its efforts to develop innovative medicines that offer more fundamental and differentiated therapeutic benefits to patients.