News Article

Novo Nordisk has has secured an exclusive global licensing agreement with Hengrui Pharma for HRS-1596.

Announced on September 29, the deal provides Novo with the rights to develop, manufacture, and commercialise this once weekly oral GLP-1 and GIP dual receptor agonist in all territories except mainland China, Hong Kong, Macao, and Taiwan.

For investors and operators, the transaction structure signals high conviction, involving an upfront payment of $300m and potential milestone payments reaching up to $2.6bn plus royalties.

This strategic acquisition is particularly significant as Novo Nordisk seeks to navigate the eventual loss of exclusivity for semaglutide in the early 2030s. By integrating a phase 1 ready asset that targets both glucagon like peptide 1 and gastric inhibitory polypeptide receptors, the company is diversifying its mechanism of action beyond single molecule therapies. The dual agonism of HRS-1596 is designed to suppress appetite and improve insulin sensitivity, potentially raising the standard for convenience in obesity and type 2 diabetes care.

This addition bolsters a pipeline that already includes the Wegovy pill and other oral candidates such as zenagamtide and amylin 355.

Management has recently outlined an ambitious corporate strategy aiming to launch at least five multi blockbuster drugs by 2030. Central to this vision is a plan to scale manufacturing capacity ten times to serve more than 60 million patients globally by the end of the decade. The licensing of HRS-1596 reflects a broader shift towards external innovation and bolt on acquisitions to maintain therapy area leadership amidst intensifying competition.

For the healthcare sector, this move underscores the transition towards oral biologics as a primary driver of market growth. While Novo Nordisk continues to defend its injectable volumes, the expansion into weekly oral dual agonists represents a critical evolution in its efforts to deliver lasting health outcomes through science led and consumer driven solutions.

The transaction is expected to close in the fourth quarter of 2026, subject to customary antitrust clearances.