Genentech has struck a major licensing agreement with Hanmi Pharmaceutical for HM17321, a long-acting urocortin-2 analog designed to reduce fat mass while preserving muscle. Hanmi will receive $190 million upfront, with total potential consideration around $2.3 billion tied to development, regulatory and commercial milestones. The deal gives Genentech worldwide rights to HM17321 except in South Korea, where Hanmi retains control. Hanmi’s Phase 1 work began after US FDA IND clearance in November 2025, evaluating safety, tolerability and pharmacokinetics/pharmacodynamics in healthy volunteers and adults with obesity. Industry relevance is immediate for the obesity field’s ongoing shift toward “lean mass–sparing” differentiation rather than weight loss alone, as Roche/Genentech builds out a portfolio that targets skeletal muscle biology alongside appetite and metabolic pathways.