Novo Nordisk licenses Hengrui drug in $2.6B deal

Novo Nordisk announced on 29 September 2026 that it entered into an exclusive license agreement with Hengrui Pharma for HRS-1596. The candidate is a phase 1-ready dual agonist targeting the GLP-1 and GIP receptors, designed for once-weekly oral administration.

The transaction carries a total potential value of up to 2.6 billion US dollars, contingent on reaching development, regulatory, and commercial milestones. Novo Nordisk will pay 300 million dollars upfront, and Hengrui Pharma remains eligible to receive tiered royalties on net sales within the licensed territory.

Under the contract, Novo Nordisk secures exclusive rights to develop, manufacture, and commercialise the drug globally, excluding mainland China, Hong Kong, Macao, and Taiwan. Hengrui Pharma has already obtained regulatory clearance in China to start phase 1 trials for obesity and type 2 diabetes.

The candidate is engineered to reduce weight and improve glycemic control by suppressing appetite, stimulating insulin secretion, and boosting insulin sensitivity. The agreement remains subject to U.S. antitrust review under the Hart-Scott-Rodino Act and is scheduled to close in the fourth quarter of 2026.