The agreement includes an upfront payment of 300 million dollars to the Shanghai-based Hengrui Pharma, with the remainder of the deal value tied to regulatory and commercial milestones. Hengrui also stands to receive royalties on future net sales. The collaboration aims to leverage Novo’s expertise in oral peptides alongside Hengrui’s research capabilities to bring a more convenient treatment option to patients struggling with metabolic diseases.

HRS-1596 functions by targeting both GLP-1 and GIP receptors, a mechanism that helps suppress appetite and improve insulin sensitivity. By targeting a once-weekly oral dosing schedule, the therapy seeks to significantly lower the burden of care compared to existing injectable treatments. Hengrui has already secured approval in China to launch phase I clinical trials for weight management and type 2 diabetes. The transaction is pending regulatory clearance under the U.S. Hart-Scott-Rodino Antitrust Improvements Act and is expected to conclude in the final quarter of 2026.