Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Hengrui Pharma) has signed a licence agreement with Novo Nordisk A/S granting Novo exclusive rights to develop, manufacture and commercialise the investigational GLP-1/GIP dual receptor agonist HRS-1596 worldwide, excluding mainland China, Hong Kong, Macao and Taiwan.

Under the agreement Novo will pay Hengrui Pharma an upfront fee of USD 300.00 million, and Hengrui Pharma is eligible for additional development, regulatory and commercial milestones of up to USD 2.30 billion, bringing the total potential deal value to USD 2.60 billion. Royalties will be payable on net sales within the licensed territories.

HRS-1596 is designed for once-weekly oral dosing to improve glycaemic control and promote weight reduction by suppressing appetite, stimulating insulin secretion and enhancing insulin sensitivity. The candidate has been cleared in China to begin Phase I trials for weight management and type 2 diabetes.

The transaction is subject to clearance under the U.S. Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions; completion is targeted for the fourth quarter of 2026. The agreement is governed by New York State law.

Hengrui Pharma expects the collaboration to accelerate international market access for HRS-1596 and enhance its global presence, while cautioning that drug development, regulatory approval and associated milestone payments remain uncertain.