Roche outlays $2.3bn for Hanmi’s non-GLP-1 obesity candidate
Robert Barrie
Mon, August 24, 2026 at 10:05 PM GMT+5:30
4 min read
- ROP.SW
-1.38% - 128940.KS
+29.96%
Roche has conducted its joint-largest deal of the year so far, licensing a clinical-stage UCN2 (urocortin-2) analog being developed for weight loss by South Korea-based Hanmi Pharm
The Swiss big pharma company is paying Hanmi $190m upfront for HM17321, with development, regulatory, and commercial milestone payments taking the potential total deal value to $2.3bn. In exchange, Roche’s Genentech will take on development, manufacturing, and commercialisation duties
Under the licensing agreement, Hanmi will still be responsible for completing an ongoing Phase I clinical trial, after which Genentech will take over development, starting with Phase II clinical trials
In November 2025, Hanmi received clearance from the US Food and Drug Administration (FDA) to initiate clinical trials with HM17321. The ongoing clinical study (NCT07219589) is evaluating the safety, tolerability, pharmacokinetics, and pharmacodynamics of HM17321 in healthy volunteers and individuals with obesity
UCN2 is a neuropeptide and hormone that binds to the corticotropin-releasing hormone receptor 2 (CRHR2). UCN2 has been known to reduce rates of muscle atrophy, which is why it has emerged as a promising mechanism of action for weight loss treatments. Despite the efficacy and popularity of current obesity therapies, researchers are seeking to reduce the loss of muscle mass with next-generation options
In-Young Choi, senior executive vice president, head of Hanmi’s R&D Division, stated: “The paradigm of obesity treatment is evolving beyond simple weight reduction toward improving body composition and restoring metabolic health. We are very pleased that the differentiated scientific mechanism and development potential of HM17321 have been recognised by the global market.”
Approved weight loss drugs predominantly target glucagon-like peptide-1 receptors (GLP-1s) and glucose-dependent insulinotropic polypeptide (GIP), meaning Hanmi is bringing a new mechanism of action to the table. Eli Lilly previously had a UCN2 peptide in development for heart failure treatment but culled the Phase I programme without divulging the reasons in 2019
Roche will be hoping for a longer clinical journey for its newly licensed asset. According to Hanmi, HM17321 has already shown both quantitative and qualitative improvements in weight reduction when used as a monotherapy and in combination with GLP-1-based therapies in preclinical studies. The company added that HM17321 may also have future potential for use in fixed-dose combination (FDC) products or combination regimens with incretin-based treatments
