Roche in $2.3bn Deal for Hanmi Non-GLP-1 Obesity Drug

Roche has signed a licensing deal worth up to $2.3 billion with South Korea’s Hanmi Pharm for HM17321, a clinical-stage UCN2 (urocortin-2) analogue being developed as a non-GLP-1 weight loss therapy. Announced on 24 August 2026, the deal marks Roche’s joint-largest transaction of the year and signals significant diversification of the Swiss pharma’s rapidly maturing obesity pipeline as it targets entry into the fast-growing global weight loss market.

Under the licensing agreement, Roche is paying Hanmi $190 million upfront, with development, regulatory and commercial milestone payments taking the potential total to $2.3 billion. Roche’s Genentech will handle development, manufacturing and commercialisation, with Hanmi completing an ongoing Phase I trial (NCT07219589) evaluating HM17321 in healthy volunteers and individuals with obesity before Genentech takes over from Phase II. UCN2 is a neuropeptide that binds the corticotropin-releasing hormone receptor 2 (CRHR2) and reduces rates of muscle atrophy, positioning HM17321 as differentiated against GLP-1 and GIP-based therapies criticised for muscle mass loss during weight reduction.

Preclinical studies showed HM17321 delivered improvements in weight reduction as both monotherapy and in combination with GLP-1 therapies, with potential future application in fixed-dose combination or incretin-based regimens. The deal extends Roche’s obesity portfolio, joining lead candidate CT-388 (acquired via the $2.7 billion Carmot Therapeutics deal in 2023) and emugrobart, an anti-myostatin antibody. GlobalData projects the obesity market growing at 32.3% CAGR to $173.5 billion across seven major markets by 2031, while Eli Lilly’s Q2 2026 revenue reached $23 billion (up 48% year-on-year) buoyed by injectable weight loss drug growth.

The commercial signal is a global obesity therapeutics category consolidating around differentiated mechanisms as GLP-1 dominance faces increasing scientific and reimbursement pressure over muscle mass concerns. Roche’s non-GLP-1 diversification strategy through Hanmi’s UCN2 analogue represents a strategic hedge. Expect Novo Nordisk, Eli Lilly, Pfizer (Metsera), Amgen and other major obesity players to accelerate their non-GLP-1 mechanism strategies through 2027 and 2028.

For the latest updates and in-depth insights into the world of Pharmaceuticals, including breakthrough treatments, industry trends, and regulatory news, contact Katie Ginger today!