Novo Nordisk and Hengrui Pharma struck a major metabolic-disease licensing deal for HRS-1596, a Phase 1-ready dual GLP-1/GIP receptor agonist intended for once-weekly oral dosing. Novo will pay Hengrui $300 million upfront, with up to $2.3 billion more tied to development, regulatory, and commercial milestones, plus sales royalties. The agreement grants Novo exclusive global rights outside mainland China, Hong Kong, Macao, and Taiwan, where Hengrui retains control. HRS-1596 is designed to deliver weight loss and glycemic improvement via appetite suppression and insulin secretion, with goals of reducing injection burden. The transaction adds to Novo’s expanding obesity portfolio as the competitive field intensifies around convenience and dosing frequency, with oral next-generation options positioned to differentiate beyond first-generation GLP-1s.