Novo Inks Weight-Loss Licensing Deal With Hengrui Pharma

By Fabiana Negrin Ochoa

Novo Nordisk has signed a licensing deal for a weight-loss treatment being developed by Hengrui Pharma that could be worth up to $2.6 billion.

The Danish drugmaker will pay China-based Hengrui $300 million upfront, with the rest of the potential deal value tied to milestones.

Novo will obtain exclusive rights to develop, manufacture and commercialize HRS-1596 globally, excluding mainland China, Hong Kong, Macau and Taiwan. Hengrui is also eligible to receive royalties based on sales of the drug within the licensed territory.

The move is in line with Novo's efforts to continuously advance its pipeline across obesity, diabetes and other cardiometabolic diseases, said Martin Holst Lange, chief scientific officer at Novo.

Earlier this month, Novo agreed to pay up to $1.3 billion to license and develop Swedish pharmaceutical company Nanexa's drug delivery technology in a deal that could cut the frequency that patients need to inject its obesity and diabetes drugs.

The company on Tuesday said it plans to explore HRS-1596's potential to raise the bar for convenience in the field of weight-loss and metabolic diseases.

HRS-1596 has the potential to be developed for once-weekly oral administration, which would reduce dosing frequency relative to current offerings on the market.

Hengrui has already received approval in China to initiate phase 1 clinical trials of the treatment for weight management and type 2 diabetes.

The transaction, which is expected to close in the fourth quarter of 2026, adds to a string of deals between multinationals and innovation biotech firms in China and Hong Kong.

Earlier this year, Hengrui signed a partnership with Bristol Myers Squibb with an estimated maximum value of $15.2 billion covering some of the Hong Kong- and China-listed company's oncology and hematology assets.

Write to Fabiana Negrin Ochoa at fabiana.negrinochoa@wsj.com

(END) Dow Jones Newswires

September 29, 2026 01:15 ET (05:15 GMT)