Genentech struck a major metabolic pact with Hanmi Pharmaceutical to advance HM-17321, a long-acting urocortin-2 analog, in obesity and related conditions. The transaction includes a $190 million upfront payment and sets up milestone potential worth about $2.3 billion, with Genentech taking worldwide rights outside South Korea. Separately, ARCH Venture Partners and Population Health Partners-backed Sentivera emerged from a licensing track record to secure up to a $1.5 billion inflammatory disease deal, underscoring continued appetite for mechanism-driven late-stage platform assets. The cluster highlights dealmaking that ties funding and manufacturing commitments directly to clinical acceleration pathways—particularly for differentiated metabolic and immunology programs that can be scaled through global partnerships.