Roche and Genentech signed a major licensing agreement with Hanmi Pharmaceutical to develop and commercialize HM-17321, a long-acting urocortin-2 analog designed to reduce fat while preserving muscle. The deal includes a $190 million upfront payment with total value up to about $2.3 billion, and hands Genentech worldwide rights outside South Korea. In epilepsy, Jazz Pharmaceuticals moved to expand its pipeline through a planned $1.32 billion acquisition of Actio Biosciences and its lead ABS-1230 program. The transaction adds to Jazz’s recent oncology expansion narrative and reinforces investors’ focus on neurology as an area with relatively clearer commercialization paths. Finally, Arc or other partners: Merck-related TL1A program discussions pointed to future trial strategy changes, following tulisokibart’s mixed systemic sclerosis outcome and subsequent progress in hidradenitis suppurativa and ulcerative colitis.