Hanmi Pharm has signed an exclusive licensing agreement with Genentech, a member of the Roche Group, for the global development, manufacturing, and commercialization of HM17321, Hanmi's investigational obesity therapy, the company announced August 24, 2026. The deal excludes South Korea and could reach a total value of approximately $2.3 billion, including a $190 million upfront payment plus development, regulatory, and commercial milestones and tiered royalties on future sales.¹
Key facts
- Drug: HM17321 (Hanmi Pharm; licensed to Genentech/Roche)
- Class: Urocortin-2 (UCN2) analog; CRFR2-selective, non-incretin mechanism
- Indication: Obesity and associated conditions (type 2 diabetes, cardiovascular disease)
- Deal terms: $190 million upfront; up to $2.3 billion total with milestones and royalties
- Deal scope: Global, excluding South Korea
- Development plan: Hanmi completes phase 1; Genentech leads phase 2 onward
- Regulatory status: FDA IND clearance received November 2025; phase 1 ongoing
- Differentiator: Designed to preserve/build lean mass, unlike GLP-1 therapies
- Pipeline context: Part of Hanmi's 6-asset Hanmi Obesity Pipeline (with HM15275)
- Geography: Worldwide licensing (ex-South Korea)
"The paradigm of obesity treatment is evolving beyond simple weight reduction toward improving body composition and restoring metabolic health," said In-Young Choi, senior executive vice president and head of the R&D division at Hanmi Pharm, in a company press release.1 "We are very pleased that the differentiated scientific mechanism and development potential of HM17321 have been recognized by the global market."
How does HM17321 work, and how is it different from GLP-1 therapies?
HM17321 is a proprietary urocortin-2 (UCN2) analog that selectively activates the corticotropin-releasing factor 2 (CRFR2) receptor, a mechanism distinct from the incretin pathway used by glucagon-like peptide-1 (GLP-1)-based obesity drugs. Hanmi said the therapy is designed to promote weight loss while preserving lean body mass, addressing a limitation of existing GLP-1 therapies, which have shown meaningful weight reduction but are associated with lean mass loss.¹ In preclinical studies presented at the 2025 American Diabetes Association meeting, HM17321 significantly reduced body weight in diet-induced obese mice and produced greater fat mass loss than semaglutide, though with slightly less overall weight reduction.²
What is the drug's development status?
Hanmi received FDA investigational new drug (IND) clearance in November 2025 to begin a phase 1 trial evaluating HM17321's safety, tolerability, pharmacokinetics, and pharmacodynamics in healthy volunteers and people with obesity, following earlier preclinical studies showing selective fat reduction with preserved lean mass in obese rhesus monkeys.¹,³ Hanmi will complete the phase 1 trial, after which Genentech will take over development starting with phase 2 trials.¹ In preclinical studies, HM17321 also showed improvements in weight reduction when combined with GLP-1-based therapies, and the company said its peptide-based format may support future fixed-dose combination products.¹
