Shanghai – – September 29, 2026 -- Hengrui Pharma has licensed its investigational obesity and diabetes drug HRS-1596 to Novo Nordisk in a deal worth up to 2.6 billion US dollars, including a 300 million dollar upfront payment.
Novo secures global rights excluding Greater China
Under the agreement, Novo obtains exclusive rights to develop, manufacture and commercialise HRS-1596 worldwide, excluding the Chinese mainland, Hong Kong SAR, Macao SAR and Taiwan Region. Hengrui Pharma retains eligibility for royalties on net sales of the drug within Novo's licensed territory, on top of the milestone-based payments tied to development, regulatory and commercial targets.
HRS-1596 targets once-weekly oral dosing for obesity and diabetes
HRS-1596 is a phase I-ready dual agonist of the GLP-1 and GIP receptors, designed for once-weekly oral administration. The compound works through appetite suppression, stimulation of insulin secretion and improved insulin sensitivity, positioning it for use in obesity, type 2 diabetes and other metabolic diseases. Hengrui Pharma has already received Chinese regulatory approval to begin phase I trials for weight management and type 2 diabetes indications.
Deal closing hinges on US antitrust clearance
The transaction requires clearance under the U.S. Hart-Scott-Rodino Antitrust Improvements Act along with other customary closing conditions, with completion expected in the fourth quarter of 2026.
Executives frame deal as bridging Chinese R&D with Novo's oral peptide leadership
Frank Jiang, Executive Vice President and Chief Strategy Officer of Hengrui Pharma, said the collaboration combines Hengrui's innovation capabilities with Novo's global leadership in GLP-1 therapies and obesity care. Novo's Martin Holst Lange, Chief Scientific Officer, said the company aims to explore HRS-1596's potential to raise convenience standards in oral peptide treatment.