Hengrui Pharma and Novo Nordisk have agreed an exclusive deal which the parties are valuing at up to USD2.6bn; comprising development, regulatory, and commercial milestones, but kicks off with a USD300m upfront payment; plus Hengrui is eligible for royalties.

The deal revolves around HRS-1596, Hengrui’s GLP-1R and GIPR dual agonist, with the potential for once-weekly oral dosing. Novo now has exclusive rights to develop, manufacture, and commercialise the asset globally outside of China, Hong Kong, Macao, and Taiwan.

Hengrui describes the asset as “Phase 1 ready”, and has NMPA approval to start Phase 1 development in China.