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
What did Genentech say about the deal?
"With our growing cardiometabolic pipeline and strong diagnostic expertise, Roche is advancing a portfolio designed to meet the diverse needs of people living with obesity and related health conditions," said Boris L. Zaitra, head of Roche corporate business development, in the release.1 "By licensing this next-generation investigational therapy with first-in-class potential from Hanmi, Roche and Genentech will pursue a differentiated approach to selectively reduce fat mass while improving both muscle mass and muscle function."
How does this fit into Hanmi's broader pipeline?
HM17321 is part of Hanmi's 6-asset Hanmi Obesity Pipeline, which also includes HM15275, a long-acting GLP-1/GIP/glucagon triple agonist further along in clinical development.³ Hanmi has previously said HM17321 was designed using in-house artificial intelligence and structural modeling technologies as part of its LA-UCN2 project targeting improved weight-loss quality.³
What are the limitations?
HM17321 remains in early-stage phase 1 testing, and the preclinical efficacy and body-composition findings cited have not yet been replicated in controlled human trials. The deal's milestone payments are contingent on future development, regulatory, and commercial success and are not guaranteed.
References
1. Hanmi Pharmaceutical. Hanmi Pharm signs exclusive licensing deal with Genentech for novel obesity therapy. Press release. Published August 24, 2026. Accessed August 24, 2026. https://hanmipharm.com/about/investor-relations/press/detail-4843.hm
2. Kim JK, Lee SM, Kim E, et al. A novel CRFR2 selective UCN2 analog, HM17321, facilitates weight loss and improves body composition across animal models of obesity. Diabetes. 2025;74(Supplement_1):843-P. doi:10.2337/db25-843-P
3. Hanmi Pharmaceutical. Hanmi files IND with FDA for novel obesity therapy with muscle-building potential. Press release. Published October 1, 2025. Accessed August 24, 2026. https://www.hanmipharm.com/about/investor-relations/press/detail-2882.hm
