Roche agreed to pay $190 million upfront and up to $2.3 billion total for a clinical-stage obesity drug from Hanmi Pharm targeting the less-explored urocortin-2 pathway. The pact adds an early-stage, non-incretin obesity asset to Roche’s metabolic pipeline. Roche’s decision reflects its continued strategy to diversify beyond GLP-1 receptor agonists, aiming to support weight loss while targeting mechanisms not fully covered by current incretin-based therapies. Financial terms include milestone and development-based payments, with the overall potential size reaching as much as $2.3 billion. For obesity-focused developers, the deal highlights how major pharma is willing to fund mechanism expansion while maintaining development discipline through milestone-linked structures.