Hanmi Pharmaceutical shares surged to their daily upper limit after the company licensed clinical-stage obesity candidate HM17321 to Roche subsidiary Genentech in a package valued at up to about $2.3 billion. On the Korea Exchange, the stock traded at 540,000 won, up 29.96%, while parent Hanmi Science rose 18.35%. The deal includes about $190 million upfront, development, regulatory and commercial milestones taking the total to as much as $2.305 billion, and tiered royalties; Hanmi retains South Korea rights and will finish the ongoing U.S. Phase 1 trial before Genentech leads from Phase 2. HM17321 is a long-acting urocortin-2, or UCN2, analog that selectively activates the CRF2/CRHR2 receptor through a non-incretin mechanism intended to cut fat while preserving lean mass, a limitation of dominant GLP-1 therapies. The agreement is among Roche’s largest transactions of the year and expands a cardiometabolic push that already includes CT-388 from the 2023 Carmot acquisition, anti-myostatin antibody emugrobart and amylin analog petrelintide. Roche plans to explore uses beyond obesity, including type 2 diabetes and cardiovascular disease, and combination regimens with incretin drugs. Industry market forecasts cited alongside the deal range from IQVIA’s path to $97.8 billion by 2034 to GlobalData’s projection of $173.5 billion across seven major markets by 2031.