Novo Nordisk has agreed to license HRS-1596, an experimental oral GLP-1/GIP dual-agonist from China’s Hengrui Pharma, in a deal that could total $2.6 billion.
The deal includes $300 million upfront, up to $2.3 billion in development, regulatory and commercial milestone payments, and royalties for Hengrui on sales in Novo’s licensed markets.
HRS-1596 is designed for once-weekly oral dosing and is described as ready to enter Phase I trials. Chinese regulators have cleared trials for weight management and type 2 diabetes; it is not an approved treatment.
Novo receives exclusive rights to develop, manufacture and commercialize the drug outside mainland China, Hong Kong, Macau and Taiwan. The agreement was expected to close in the fourth quarter of 2026, subject to U.S. antitrust clearance and other conditions.
The move adds an early-stage candidate to Novo’s obesity and metabolic-disease pipeline, but the drug remains far from proving its safety or effectiveness in clinical trials.
Sources:
Jiangsu Hengrui Pharmaceuticals Co., Ltd.
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