Hanmi signs obesity drug deal with Genentech worth up to $2.3 billion
South Korea’s Hanmi Pharmaceutical has entered into an exclusive licensing agreement with U.S.-based Genentech for the experimental obesity drug HM17321. The potential value of the contract could reach $2.3 billion, The Korea Herald reports. For Hanmi, this is the largest licensing agreement for a single drug candidate.
Genentech will pay Hanmi an upfront payment of $190 million. The remainder of the amount will depend on the achievement of development milestones, regulatory approval and commercialization of the drug. The South Korean company will also be entitled to royalties from sales if the product reaches the market.
Development rights
Genentech will receive exclusive rights to develop, manufacture and commercialize HM17321 worldwide, except in South Korea. Genentech is the U.S. biotechnology subsidiary of Swiss pharmaceutical group Roche.
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HM17321 is being developed to treat obesity and related conditions, including type 2 diabetes and cardiovascular diseases. It is a non-incretin urocortin-2 analogue developed by Hanmi Pharmaceutical. The company aims to develop a potentially first-in-class drug that could simultaneously reduce body weight and preserve lean mass.
Clinical trials
Hanmi said preclinical studies showed promising results for weight loss and body composition both when HM17321 was used alone and in combination with GLP-1-based therapy. GLP-1-based drugs, including Eli Lilly’s Mounjaro and Novo Nordisk’s Wegovy, have demonstrated notable weight loss, but the loss of lean body mass during treatment is considered one of their limitations.
In November 2025, the U.S. Food and Drug Administration approved Hanmi’s application to conduct a new drug study of HM17321. The company is currently conducting a Phase 1 trial involving healthy adults and people with obesity, assessing the candidate’s safety, tolerability, pharmacokinetics and pharmacodynamics. Hanmi plans to complete Phase 1, after which Genentech is expected to continue development with Phase 2 studies.
