Genentech, a unit of Roche, has entered a licensing agreement with South Korea’s Hanmi Pharmaceutical for an obesity drug candidate, HM17321, covering all markets outside South Korea.
The transaction has a potential total value of up to $2.3 billion, Hanmi said on Monday. Genentech will make an upfront payment of $190 million and is eligible for additional milestone payments of up to roughly $2.1 billion, alongside tiered royalties on future sales.
HM17321 is currently in Phase 1 clinical trials. Under the terms of the deal, Genentech will assume development responsibilities starting from Phase 2 onward. The candidate targets obesity and related metabolic disorders.
