Novo Nordisk licensed ex-China rights to Hengrui’s HRS-1596, a once-weekly oral GLP-1/GIP receptor dual agonist, in a deal valued at up to $2.6 billion including a $300 million upfront payment. Novo will pursue development and commercialization for territories outside China, Taiwan, and nearby markets. Hengrui will retain roles inside its home region while Novo expands its metabolic disease platform with a non-injectable approach that targets convenience and dosing adherence. The asset is described as Phase 1 ready, keeping it in early-stage development. The agreement arrives as Novo seeks to manage competitive pressure in obesity and extend beyond current injectable offerings. It also continues Novo’s pattern of building obesity pipelines through external in-licensing of late preclinical and early clinical assets. For the broader category, the deal adds a weekly oral candidate to the menu, potentially challenging the dominance of daily and weekly injection regimens if clinical tolerability and efficacy translate in pivotal studies.