Novo Nordisk struck a discovery-to-milestone deal with Hengrui Pharma for HRS-1596, a dual GLP-1/GIP receptor agonist intended for once-weekly, oral dosing. Under the terms, Novo will pay $300 million upfront, with total consideration up to $2.6 billion tied to development, regulatory, and commercialization milestones outside Hengrui’s home territories. The agreement reflects renewed competitive urgency as Novo seeks to defend its obesity franchise while facing patent and market-pressure questions, and as Lilly continues to set the performance bar for GLP-1-based therapies. HRS-1596 is at Phase 1 readiness, keeping timelines and clinical validation dependent on forthcoming human data.