Hanmi Pharmaceutical Shares Jump After Signing $2.31 Billion Licensing Deal With Genentech

By Kwanwoo Jun

Hanmi Pharmaceutical shares surged Monday after the South Korean drugmaker signed a $2.31 billion licensing deal with U.S. biotech company Genentech to develop an obesity treatment.

Genentech, part of Swiss pharmaceutical group Roche Holding, will have exclusive development rights to Hanmi's novel metabolic treatment candidate, HM17321, under the agreement, the Korean company said in a regulatory filing.

Hanmi will receive $190 million upfront from Genentech, with the remaining $2.12 billion to be paid in milestone payments under the deal.

The deal sent Hanmi shares surging by the daily limit of 30% for the first time in six years in Seoul trading on Monday. The stock last hit the daily limit in August 2020.

Market analysts have been closely watching Hanmi's HM17321 as one of the potential next-generation obesity treatments, as the candidate is being developed as a first-in-class drug designed to combine muscle gain with selective fat reduction.

"HM17321 is poised to become a potential game changer in the global obesity treatment market," Tina Banerjee, a global healthcare analyst, wrote recently on Smartkarma, noting that Hanmi has set 2031 as its target year for commercialization.

The U.S. Food and Drug Administration cleared HM17321 in November 2025 to begin a phase 1 clinical trial, according to Hanmi.

Hanmi said it will be responsible for completing the phase 1 clinical trial, after which Genentech will take over development starting with phase 2.

"By licensing this next-generation investigational therapy with first-in-class potential from Hanmi, Roche and Genentech will pursue a differentiated approach to selectively reduce fat mass while improving both muscle mass and muscle function," said Boris L. Zaitra, head of Roche corporate business development.

Write to Kwanwoo Jun at kwanwoo.jun@wsj.com

(END) Dow Jones Newswires

August 24, 2026 04:16 ET (08:16 GMT)