Hanmi Pharm Co Ltd’s shares jumped 30% on Monday after the South Korean biotech company announced an exclusive licensing agreement with Genentech, a member of the Roche Group, for its experimental obesity drug HM17321.
The agreement grants Genentech worldwide rights to develop, manufacture, and commercialize HM17321, excluding South Korea. Under the terms, Hanmi will receive an upfront payment of $190 million, with the total deal value potentially reaching approximately $2.3 billion through development, regulatory, and commercial milestones, alongside tiered royalties on future sales.
HM17321 is an experimental obesity treatment based on a non-incretin mechanism of action, utilizing a UCN2 (urocortin-2) analog. Preclinical data cited by Hanmi indicated the drug reduced weight both as a monotherapy and in combination with GLP-1-based therapies, while also preserving lean body mass. The treatment is positioned as a potential first-in-class option in the obesity market.
The deal reflects growing pharmaceutical sector consolidation around obesity treatments, following recent advancements in GLP-1-based therapies. Hanmi’s shares closed 29.96% higher on Monday, reflecting investor optimism over the licensing agreement’s financial and strategic implications.
