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.
Obesity is a chronic, relapsing metabolic disease. CDC/NCHS NHANES data for August 2021-August 2023 put adult obesity prevalence at 40.3% (39.2% of men, 41.3% of women), with the highest burden in adults aged 40-59 (46.4%). Age-adjusted prevalence has not changed significantly since 2013-2014 and remains above the Healthy People 2030 goal of 36.0%. Incretin-based therapy has transformed treatment, but a substantial share of weight lost on GLP-1 receptor agonists is lean mass, which has made muscle-sparing mechanisms a central axis of competition.
HM17321 is a non-incretin urocortin-2 (UCN2) analog designed to drive fat loss while preserving lean body mass. It gives Roche/Genentech a mechanism that is differentiated from the GLP-1/GIP incretin class and positions it against muscle-preservation approaches such as activin-receptor blockade and amylin analogs.
Hanmi received US FDA clearance of its IND to begin a Phase 1 trial of HM17321, evaluating safety, tolerability, pharmacokinetics and pharmacodynamics in healthy volunteers and individuals with obesity.
Hanmi granted Genentech an exclusive worldwide licence excluding South Korea to develop, manufacture and commercialise HM17321, for $190M upfront plus development, regulatory and commercial milestones totalling up to $2.3B and tiered royalties.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Genentech, Inc. (Roche Group) / Hanmi Pharmaceutical Co. Ltd. (this deal) | 2026 | $2.3B | 100 |
| Genentech, Inc. (Roche Group) / Duality Biologics (Suzhou) Co. Ltd. | 2026 | $1.0B | 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) / Earendil Labs, Inc. | 2026 | $1.5B | — |