Roche has placed a significant bet on a next-generation obesity treatment from South Korea’s Hanmi Pharm, paying $190 million upfront for global rights to a clinical-stage drug that aims to reduce fat while preserving muscle mass.
The Swiss pharmaceutical giant announced the licensing agreement for HM17321, a urocortin-2 (UCN2) analog, through its Genentech subsidiary. The deal includes up to $2.3 billion in development, regulatory and commercial milestone payments, with Hanmi also eligible for tiered royalties on future sales. Hanmi retains rights in South Korea.
HM17321 represents a departure from the dominant GLP-1 class of weight loss drugs. UCN2 is a neuropeptide and hormone that binds to the corticotropin-releasing hormone receptor 2 (CRHR2), a mechanism researchers have long associated with reduced rates of muscle atrophy. While approved obesity therapies from Eli Lilly and Novo Nordisk deliver meaningful weight reduction, they are also linked to loss of lean body mass.
“The paradigm of obesity treatment is evolving beyond simple weight reduction toward improving body composition and restoring metabolic health,” said In-Young Choi, head of Hanmi’s R&D division. “We are very pleased that the differentiated scientific mechanism and development potential of HM17321 have been recognized by the global market.”
Hanmi describes the candidate as a potential first-in-class non-incretin therapy designed to simultaneously promote weight loss and preserve lean body mass. Preclinical studies have shown both quantitative and qualitative improvements in weight reduction when used as a monotherapy and in combination with GLP-1-based therapies, according to the company.
Under the agreement, Hanmi will complete the ongoing Phase 1 trial, which is evaluating safety, tolerability, pharmacokinetics and pharmacodynamics in healthy volunteers and individuals with obesity. Genentech will then assume responsibility for Phase 2 development, manufacturing and commercialization.
The UCN2 mechanism has a mixed history. Eli Lilly previously explored a UCN2 peptide for heart failure but discontinued the Phase 1 program in 2019 without disclosing reasons. Roche is betting its newly licensed asset will travel a longer clinical path.
“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,” said Boris Zaïtra, head of corporate business development at Roche.
The company plans to explore HM17321’s potential beyond obesity, including type 2 diabetes and cardiovascular diseases. Hanmi has also suggested the drug could be developed as a fixed-dose combination product or in combination regimens with incretin-based treatments.
The deal marks Roche’s joint-largest transaction of the year and reinforces its ambition to become a top player in the weight loss market. The company’s lead obesity candidate, CT-388, came via its $2.7 billion acquisition of Carmot Therapeutics in 2023. Its pipeline also includes emugrobart, an anti-myostatin antibody targeting muscle growth currently in Phase 2 studies in combination with Lilly’s Mounjaro, and petrelintide, a long-acting amylin analog licensed from Zealand Pharma.
The obesity market is projected to grow at a compound annual growth rate of 32.3% through 2031, reaching $173.5 billion across seven major markets, according to GlobalData. Lilly remains the dominant force, posting $23 billion in revenue for the second quarter of 2026, up 48% year over year on continued sales growth for its injectable weight loss drugs.
For Hanmi, the agreement adds to an active year. The company acquired Canadian cancer biotech Aptiose Biosciences and licensed a Phase 2-stage GLP-2 agonist to Lilly for $75 million upfront as a potential treatment for short bowel syndrome.