Roche Bets Up to $2.3 Billion on Hanmi’s Muscle-Preserving Obesity Drug

Roche, through its Genentech subsidiary, has signed an exclusive licensing deal with South Korea’s Hanmi Pharmaceutical for HM17321, an experimental obesity drug.

The agreement includes a $190 million upfront payment and could be worth up to approximately $2.3 billion in development, regulatory and commercial milestones, plus royalties—not $2.5 billion in guaranteed cash.

HM17321 is a long-acting urocortin-2 (UCN2) analog that selectively activates the CRF2 receptor. This is a non-incretin mechanism distinct from GLP-1 drugs such as Wegovy and Zepbound.

The candidate is designed to reduce fat while preserving or potentially increasing lean muscle mass, addressing concerns that some current weight-loss treatments may also reduce muscle.

Hanmi will finish the ongoing Phase 1 trial. Genentech is expected to take over development from Phase 2 onward, with rights worldwide except South Korea.

Preclinical data reportedly showed fat loss and muscle-related benefits both alone and in combination with GLP-1 therapies, but the drug’s effectiveness and safety in humans remain unproven.

The deal expands Roche’s growing obesity portfolio, following its broader efforts to develop treatments beyond conventional GLP-1 approaches.