Pharma BD Deal Intelligence

Novo Nordisk A/S / Jiangsu Hengrui Pharmaceuticals Co. Ltd.

2026 · Licensing/Option · $2.6B · Pending

Novo Nordisk obtained exclusive rights to develop, manufacture and commercialise HRS-1596, a once-weekly oral GLP-1/GIP dual receptor agonist, in all territories outside mainland China, Hong Kong, Macao and Taiwan. Hengrui receives a USD 300 million upfront payment plus milestones taking total potential consideration to up to USD 2.6 billion, together with royalties on net sales. HRS-1596 is Phase 1-ready; Hengrui has received China approval to initiate Phase I trials in weight management and type 2 diabetes. Closing is expected in the fourth quarter of 2026.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2031 at the earliest for this deal, once/if it closes.

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