Novo Nordisk to Pay Hengrui Up to $2.6B for Weekly Obesity Pill Rights

Novo Nordisk will pay Hengrui Pharma $300 million upfront and up to $2.6 billion in milestone payments for rights to HRS-1596, a once-weekly oral obesity drug, the companies announced September 29, 2026. The deal grants Novo rights outside China and nearby territories. The candidate, which targets GLP-1 and GIP like Eli Lilly's Zepbound, is described as "Phase 1 ready" and has not been tested in humans. It is years from potential regulatory clearance, offering no near-term relief as Zepbound erodes Novo's share of the obesity market. Hengrui has signed six licensing deals with Western drugmakers since the start of 2025, the most of any China-based biopharma. Novo has pursued a series of obesity acquisitions, including three experimental drugs from Kallyope and a peptide deal with Orbis Medicines.