Genentech, part of Roche, inked a metabolic pact with Hanmi Pharmaceutical to develop, manufacture, and commercialize HM-17321, a long-acting urocortin-2 (UCN2) analog. Genentech will pay Hanmi $190 million upfront, with total deal value potentially reaching about $2.3 billion including milestones and royalties. The arrangement gives Genentech worldwide rights to HM-17321 except for South Korea, where Hanmi retains full development and commercialization control. The program is designed to selectively reduce fat mass while preserving muscle mass and function, a differentiator aimed at avoiding the muscle loss concerns associated with some weight-loss therapies. HM-17321 received U.S. IND clearance in November 2025 for a Phase 1 study evaluating safety, tolerability, and pharmacokinetics/pharmacodynamics in healthy volunteers and people with obesity. Hanmi will complete Phase 1, after which Genentech takes over further development. The deal adds to Roche’s obesity portfolio and signals continued effort to broaden beyond incretin-centric mechanisms as companies seek differentiated efficacy and safety profiles.