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Hanmi Pharm, Genentech Sign $2.3 Billion Exclusive Licensing Agreement for Obesity Drug

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Hanmi Pharm (KRX:128940) signed an exclusive licensing agreement with Switzerland-based Roche Group member Genentech to develop, manufacture, and commercialize the former's obesity drug, the South Korean firm said in a Monday release.

The drug HM17321 (urocortin-2) is a novel metabolic treatment candidate for treating obesity and associated conditions such as type 2 diabetes and cardiovascular diseases, the release said.

Under the deal, Hanmi will receive an upfront payment of $190 million, with the total deal valued at $2.3 billion. In addition, the South Korean firm will be eligible to receive tiered royalties on future product sales after commercialization of the drug, it said.

Shares of Hanmi Pharm jumped 30% at market close.

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