Hanmi Pharmaceutical(128940) exported technology for a next-generation obesity drug candidate that targets both weight loss and muscle preservation to Genentech. The total deal value, including about 260 billion won in upfront payments, exceeds 3 trillion won.
Hanmi Pharmaceutical said on the 24th that it signed an exclusive license agreement with Genentech for HM17321, a long-acting UCN2 (urocortin 2) analog.
The total deal value based on the filing is $2.305 billion (about 3.1892 trillion won). Of that, the upfront Hanmi Pharmaceutical will receive is $190 million (about 262.9 billion won). The remaining $2.115 billion (about 2.9263 trillion won) will be paid as milestones if conditions such as clinical development, approval, and commercialization are met. After product launch, separate running royalties will also be received.
The upfront payment and milestones already received are nonrefundable. Milestones are payable only when each condition, such as clinical development, approval, and commercialization, is met. The contract may be terminated if clinical trials or marketing approval fail or if research and development are halted.
Under the agreement, Genentech holds exclusive rights to research and development, manufacturing, and commercialization of HM17321 worldwide except in Korea. Hanmi Pharmaceutical will complete the ongoing phase 1 trial, and Genentech is expected to take over development from phase 2.
What stands out in this deal is the size of the upfront payment. Among the technology export deals Hanmi Pharmaceutical has signed to date, this is the largest upfront for a single candidate. Observers note it is meaningful given that the upfront secured upon signing is considered a key indicator of the quality of a technology export.
◇ Challenge beyond weight-loss drugs to muscle preservation
HM17321 is a drug candidate that works differently from existing GLP-1–based incretin obesity treatments such as Wegovy and Mounjaro. Hanmi Pharmaceutical is developing it as a first-in-class therapy that preserves lean mass, including muscle, alongside weight loss.
The candidate is a long-acting substance modeled after urocortin 2 (UCN2), which is involved in energy metabolism in the body. UCN2 binds to the CRF2 receptor on cell surfaces to signal energy metabolism.
The key is to selectively activate the CRF2 receptor based on UCN2. The goal is to improve body composition by reducing fat while preserving lean mass such as muscle. It is also designed for prolonged efficacy.
Existing GLP-1 obesity treatments act on the brain's appetite control center to increase satiety and reduce food intake. While they show strong weight-loss effects, a limitation noted is that as weight decreases, lean mass, including muscle, can also decline.
According to Hanmi Pharmaceutical, nonclinical studies of HM17321 showed effects in reducing body weight and fat mass while maintaining or increasing lean mass. When combined with GLP-1 therapies, it also produced weight loss and body composition improvements.
Accordingly, the company said there is also potential to develop it for combination use with GLP-1 therapies or as a fixed-dose combination (FDC) that contains both components in a single medicine.
◇ Genentech to conduct phase 2 after Hanmi Pharmaceutical completes phase 1
Hanmi Pharmaceutical plans to develop HM17321 not only for obesity but also for metabolic diseases associated with obesity, such as type 2 diabetes and cardiovascular disease. The company said the primary goal in developing new obesity drugs is "high-quality weight loss," which goes beyond simple weight reduction to decrease fat while improving muscle and metabolic function.
HM17321 is currently in a phase 1 trial. Hanmi Pharmaceutical received investigational new drug (IND) approval from the U.S. Food and Drug Administration (FDA) in Nov. 2025. Safety and tolerability, pharmacokinetics (PK), and pharmacodynamics (PD) are being evaluated in healthy adults and patients with obesity.
Hanmi Pharmaceutical will complete phase 1, after which Genentech will continue development from phase 2. The company expects that entrusting subsequent development to a global pharmaceutical firm will accelerate HM17321's global clinical program and commercialization.
Hanmi Pharmaceutical said the deal is the result of combining its research and development experience in obesity and metabolic diseases with its peptide design capabilities.
Choi In-young, executive vice president and head of future growth at Hanmi Pharmaceutical, said, "The paradigm of obesity treatment is evolving beyond simple weight loss to body composition improvement and restoration of metabolic health," and added, "We find it meaningful that HM17321's differentiated scientific mechanism and development potential have been recognized in the global market."
Boris L. Zeithra, head of business development at Roche, said, "We plan to pursue a differentiated therapeutic strategy that selectively reduces fat mass while improving muscle mass and function," and added, "We will accelerate development of this candidate to help address significant unmet medical needs in obesity and metabolic diseases."
☞ GLP-1
GLP-1 is a hormone secreted by the intestines after meals that acts on the brain's appetite control center to increase satiety and reduce appetite. At the same time, it slows gastric emptying to keep food in the stomach longer, and it promotes insulin secretion from the pancreas to help control blood sugar. GLP-1 obesity treatments work by mimicking or enhancing these actions of GLP-1 to reduce food intake and induce weight loss.
☞ Urocortin 2 (UCN2)
Urocortin 2 is a signaling molecule involved in energy metabolism and blood sugar control in the body and is a type of neuropeptide. It is produced in various tissues of the body and transmits signals to the CRF2 receptor, participating in stress responses and energy metabolism. HM17321 is modeled after urocortin 2 and designed for prolonged efficacy.