China-based Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Shanghai Stock Exchange: 600276; Hong Kong Stock Exchange: 01276) licensed HRS-1596, a Phase I-ready oral GLP-1/GIP dual agonist with potential for once-weekly dosing, to Novo Nordisk A/S (Nasdaq Copenhagen: NOVO B; NYSE: NVO) in a deal worth up to USD 2.6 billion.
Novo will pay Hengrui USD 300 million upfront and up to USD 2.3 billion in development, regulatory, and commercial milestones, plus royalties on net sales. Novo will receive exclusive development, manufacturing, and commercialization rights outside mainland China, Hong Kong, Macao, and Taiwan, where Hengrui will retain rights.
HRS-1596 is designed to activate GLP-1 and GIP receptors to support weight reduction and glycemic control. Hengrui said the candidate has potential for once-weekly oral administration and has been cleared in China to begin Phase I trials in weight management and type 2 diabetes.
The deal adds an externally sourced oral metabolic candidate to Novo's pipeline as the company expands beyond its existing injectable and oral incretin programs.
For Hengrui, the deal highlights continued expansion of its metabolic pipeline after the company licensed ex-Greater China rights to what it then described as its GLP-1 portfolio — HRS-7535, HRS-9531, and HRS-4729 — to Kailera Therapeutics in a May 2024 NewCo transaction worth up to USD 6 billion. Hengrui retained Greater China rights and a 19.9% stake in Kailera.