Hengrui Pharmaceuticals has out-licensed HRS-1596, a clinical-stage GLP-1 and GIP dual receptor agonist engineered for once-weekly oral dosing, to Novo Nordisk for all markets outside mainland China, Hong Kong, Macau and Taiwan, in a deal worth up to USD 2.6 billion. The agreement includes development, regulatory and commercial milestones, plus tiered royalties on net sales, as well as a significant upfront payment of USD 300 million – the fourth-largest upfront for a single-asset transaction.

HRS-1596 has cleared Chinese Phase I clearance for weight management and type 2 diabetes (T2D), and its multimodal mechanism, appetite suppression, insulin secretion and improved insulin sensitivity, targets obesity, T2D and broader metabolic disease with a convenience profile aimed at displacing daily or frequent injectable incretin therapy.