Genentech (Roche) signed a $2.3 billion licensing deal with Hanmi Pharmaceutical for HM-17321, a long-acting urocortin-2 (UCN2) analog designed to reduce fat mass while preserving muscle. Hanmi will receive $190 million upfront, with additional milestone payments tied to development and commercialization. Roche’s rights cover worldwide commercialization except South Korea, where Hanmi retains full development and commercial rights. Hanmi said the program has an FDA-cleared IND to initiate Phase I testing in 2025, evaluating safety, tolerability, PK/PD in healthy volunteers and people with obesity. The transaction adds to Roche’s expanding obesity portfolio and highlights a muscle-preservation differentiator that could play into patient and payer preferences as GLP-1-focused categories increasingly compete on body composition outcomes.