Roche’s Genentech unit signed a $2.3 billion licensing deal with Hanmi Pharmaceutical to develop HM-17321, a long-acting urocortin-2 (UCN2) analog designed to reduce fat while preserving muscle. The agreement includes a $190 million upfront payment and milestone/royalty upside tied to development and commercialization. Hanmi will conduct the Phase 1 program for HM-17321, with Genentech taking over later development. The clinical strategy is aimed at obesity and related metabolic and cardiovascular conditions, differentiating from incretin-focused competitors by targeting a separate biology. For Roche, the pact continues a string of obesity licensing efforts and adds a muscle-sparing profile that may appeal to clinicians focused on preserving functional outcomes as weight reduction becomes more common in broader populations.