Pharma BD Deal Intelligence
Roche buys a non-incretin shot at the muscle-sparing obesity question
Full analysis, sources & comparables →Hanmi Pharmaceutical granted Genentech (Roche Group) an exclusive worldwide licence, excluding South Korea, to develop, manufacture and commercialise HM17321, a proprietary long-acting urocortin-2 (UCN2) analog for obesity and associated conditions including type 2 diabetes and cardiovascular disease. Hanmi receives a $190 million upfront payment and is eligible for development, regulatory and commercial milestones bringing the total potential deal value to up to $2.3 billion, plus tiered royalties on net sales. HM17321 uses a non-incretin mechanism intended to drive weight loss while preserving lean body mass, and entered Phase 1 following US FDA IND clearance in November 2025.
Roche buys a non-incretin shot at the muscle-sparing obesity question
Assessment window: 5yr post-close.
Note: this deal's 5-year assessment window closes ~2031; the outcome grade above is a projected assessment, not yet finalized.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Genentech, Inc. (Roche Group) / Hanmi Pharmaceutical Co. Ltd. (this deal) | 2026 | $2.3B | 100 |
| Genentech, Inc. (Roche Group) / Tanox Inc. | 2006 | $919M | 80 |
| Genentech, Inc. (Roche Group) / Astex Pharmaceuticals | 2026 | $490M | 58 |
| Genentech, Inc. (Roche Group) / Affimed N.V. | 2018 | $5.1B | — |
| Genentech, Inc. (Roche Group) / Hanmi Pharmaceutical Co. Ltd. | 2016 | $910M | — |
| Genentech, Inc. (Roche Group) / Regor Pharmaceuticals Inc. | 2024 | $850M | — |
| Genentech, Inc. (Roche Group) / OMass Therapeutics Ltd. | 2025 | $420M | — |