Novo will obtain exclusive global rights to develop, manufacture, and commercialize HRS-1596, excluding mainland China, Hong Kong, Macao, and Taiwan. The deal includes an upfront payment of USD 300 million, with the remainder tied to development, regulatory, and commercial milestones. Hengrui Pharma is also eligible for royalties on net sales in the licensed territory.

HRS-1596 is designed to reduce weight and improve glycemic control through several mechanisms, including appetite suppression, stimulation of insulin secretion, and improved insulin sensitivity. The candidate is being positioned for obesity, type 2 diabetes, and other metabolic diseases, and could be developed for once-weekly oral dosing – substantially reducing dosing frequency compared with current treatments. Hengrui Pharma has received approval in China to start phase 1 trials for weight management and type 2 diabetes.

“Novo has pioneered the field of oral peptides and as leaders, we continuously look to advance our broad and deep oral pipeline across obesity, diabetes, and other cardiometabolic diseases,” says Martin Holst Lange, Executive Vice President, Research & Development and Chief Scientific Officer, Novo. “We are excited to add HRS-1596 to our growing pipeline and to explore its potential to raise the bar for convenience in the field.”

The agreement is subject to US antitrust clearance and other customary closing conditions, and is expected to close in the fourth quarter of 2026.