Hanmi Genentech Licensing Deal for Obesity Drug HM17321

Hanmi Pharm has signed an exclusive licensing deal with Genentech, a member of the Roche Group, to develop, manufacture, and commercialize its obesity candidate HM17321 worldwide, excluding South Korea. The Hanmi Genentech licensing deal could be worth up to $2.3 billion.

HM17321 is a proprietary urocortin-2 (UCN2) analog with a non-incretin mechanism of action, in development as a treatment for chronic weight management and associated conditions including obesity. Hanmi describes it as a potential first-in-class treatment designed to simultaneously promote weight loss and preserve lean body mass.

That distinction matters. Existing GLP-1-based incretin therapies have shown meaningful weight reduction, but they also reduce lean body mass. HM17321 is built to avoid that trade-off.

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Non-incretin mechanism and combination potential

In preclinical studies, HM17321 showed quantitative and qualitative improvements in weight reduction, both as a monotherapy and in combination with GLP-1-based therapies. Because it is a peptide, Hanmi sees future potential for fixed-dose combination products or combination regimens with incretin treatments.

Phase 1 underway after FDA clearance

The U.S. Food and Drug Administration cleared an investigational new drug (IND) application for HM17321 in November 2025. The ongoing Phase 1 study is evaluating safety, tolerability, pharmacokinetics, and pharmacodynamics in healthy volunteers and people with obesity.

Hanmi will complete the Phase 1 trial. Genentech then takes over development beginning with Phase 2.

What the two companies say

“The paradigm of obesity treatment is evolving beyond simple weight reduction toward improving body composition and restoring metabolic health,” said In-Young Choi, Senior Executive Vice President and Head of the R&D Division at Hanmi Pharm. “We are very pleased that the differentiated scientific mechanism and development potential of HM17321 have been recognized by the global market. Hanmi Pharm will continue to dedicate its efforts to developing innovative medicines that can deliver more fundamental and differentiated therapeutic value to patients.”

“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. Zaitra, 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.”

Hanmi Genentech licensing deal terms

Hanmi will receive an upfront payment of USD 190 million from Genentech. Including development, regulatory, and commercial milestone payments, the total deal value could reach approximately USD 2.3 billion. Hanmi will also be eligible for tiered royalties on future product sales after commercialization.