Roche signs $2.5 billion deal with Hanmi for experimental obesity drug targeting muscle loss

Roche's Genentech unit has agreed to acquire global rights (outside South Korea) to Hanmi's clinical-stage urocortin-2 analog, HM17321, as part of a deal valued up to $2.5 billion.

The agreement includes an upfront payment of $190 million and potential milestone payments of up to $2.3 billion tied to development, regulatory approval and commercial sales, with Hanmi receiving tiered royalties.

HM17321 works by a non-incretin mechanism that aims to reduce body weight while preserving muscle mass, a goal that differentiates it from many existing obesity therapies.

Roche is also advancing its own myostatin-targeting candidate, emugrobart, currently in a phase-2 study combined with Lilly's Mounjaro, highlighting the company's broader strategy to address obesity with muscle-sparing approaches.