Roche has entered its joint-largest deal of the year so far by licensing HM17321, a clinical-stage UCN2 (urocortin-2) analog being developed by South Korea-based Hanmi Pharm for weight loss. Under the agreement, Roche will provide Hanmi with $190m upfront, while development, regulatory, and commercial milestone payments could bring the total value of the USD 2.3B deal to $2.3bn.
Roche’s Genentech will assume responsibility for development, manufacturing, and commercialisation of the asset. Hanmi, meanwhile, will continue to manage the ongoing Phase I clinical trial before Genentech takes over the programme and begins Phase II clinical trials. The USD 2.3B deal gives Roche access to a clinical-stage obesity treatment that operates through a mechanism distinct from the approaches used by many existing weight loss drugs.
HM17321 Advances Through Clinical Development
Hanmi received clearance from the US Food and Drug Administration (FDA) in November 2025 to begin clinical trials for HM17321. The ongoing study, NCT07219589, is assessing 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). Its ability to reduce rates of muscle atrophy has contributed to interest in UCN2 as a potential mechanism of action for weight loss treatments. While current obesity therapies have demonstrated efficacy and gained popularity, researchers are also pursuing next-generation treatments designed to address the loss of muscle mass.
In-Young Choi, senior executive vice president, head of Hanmi’s R&D Division, said, “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.”
Distinct Mechanism Drives Roche Licensing Agreement
Approved weight loss drugs predominantly target glucagon-like peptide-1 receptors (GLP-1s) and glucose-dependent insulinotropic polypeptide (GIP), while Hanmi’s programme introduces a different mechanism of action. Eli Lilly previously developed a UCN2 peptide for heart failure treatment but discontinued the Phase I programme in 2019 without disclosing the reasons.
According to Hanmi, HM17321 has demonstrated quantitative and qualitative improvements in weight reduction as both a monotherapy and in combination with GLP-1-based therapies in preclinical studies. Hanmi also said HM17321 could have future applications in fixed-dose combination (FDC) products or combination regimens with incretin-based treatments.
Speaking about the USD 2.3B Deal, Boris Zaïtra, head of corporate business development at Roche, said, “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. We look forward to further developing this medicine in order to address important unmet needs for people living with obesity and other metabolic diseases.”
