Novo Nordisk agreed to license ex-China rights to Hengrui Pharmaceuticals’ once-weekly, oral dual GLP-1R/GIPR agonist HRS-1596, adding another candidate in its effort to broaden metabolic disease offerings beyond its leading injectable franchise. The deal calls for $300 million upfront and up to $2.6 billion in milestone payments tied to development, regulatory, and commercial progress. HRS-1596 is positioned as preclinical and “Phase 1 ready,” with Novo taking rights outside China, Taiwan, and nearby territories. The announcement follows Novo’s recent pattern of replenishing the obesity pipeline through business development as regulators and payers continue to scrutinize coverage and as competitor differentiation increasingly hinges on convenience and dosing frequency. For Hengrui, the transaction reinforces its role as a frequent source of metabolic innovation for multinational partners.