Hanmi Pharm Strikes $2.3 Billion Obesity Deal with Genentech

While current GLP-1 therapies have transformed weight management, they often trigger unintended loss of lean body mass. HM17321 operates on a non-incretin mechanism, positioning it as a potential first-in-class treatment. Preclinical trials suggest that the peptide-based drug can effectively reduce fat mass independently or in combination with existing incretin-based regimens.

Following FDA clearance for an Investigational New Drug application in November 2025, Hanmi is currently conducting a Phase 1 study to assess safety and pharmacokinetics in healthy volunteers and patients with obesity. Once this trial concludes, Genentech will assume responsibility for all subsequent clinical development. The agreement includes an initial $190 million upfront payment, with the remainder of the $2.3 billion total value tied to development, regulatory, and commercial milestones, supplemented by tiered royalties on future sales.

In-Young Choi, head of R&D at Hanmi Pharm, noted that the industry is pivoting from simple weight reduction toward restoring metabolic health and body composition. Boris L. Zaïtra, head of Roche Corporate Business Development, added that the partnership aligns with Roche’s strategy to address unmet needs in the cardiometabolic space by focusing on the preservation of muscle function alongside fat loss.