Novo Nordisk licensed a preclinical once-weekly, oral GLP-1/GIP receptor agonist candidate from Hengrui Pharma, paying $300 million upfront with total deal value up to $2.6 billion tied to milestones. The agreement grants Novo rights outside China, Taiwan, and certain nearby territories, positioning HRS-1596 as a potential next wave in convenience-focused obesity therapy. HRS-1596 is described as “phase 1 ready,” but the program has not yet been tested in humans, leaving regulatory and efficacy timelines uncertain. Still, the deal arrives as Novo tries to defend and expand momentum in obesity amid competitive pressure and investors’ concerns about future share dynamics. Novo’s strategy in metabolic disease has included purchasing or licensing multiple next-generation weight loss assets with different mechanisms or dosing profiles, including earlier deals in the oral and peptide space. For Hengrui, the deal reinforces its emergence as a frequent partner for U.S. and European drugmakers seeking late-preclinical and early clinical metabolic pipeline candidates.