(September 29, 2026 ) by James Waldron

Novo’s ongoing attempts to rejuvenate its pipeline have seen the Big Pharma turn to one of the most in-demand drug developers in China.

The Danish drugmaker is paying $300 million upfront to China’s Hengrui Pharma for a preclinical GLP-1/GIP dual receptor agonist. In return for the ex-China rights to the drug, Novo is also on the line for potential milestone payments that could eventually bring the deal’s total value up to $2.6 billion.

Hengrui has designed the candidate, dubbed HRS-1596, for once-weekly oral dosing. The therapy aims to suppress appetite, stimulate insulin secretion and improve insulin sensitivity, according to Novo, in order to support its use for obesity, Type 2 diabetes and other metabolic diseases.