Novo Nordisk strikes $2.6B obesity drug deal with China's Hengrui (NVO:NYSE)

Novo Nordisk (NOVO_B) reported 22.4% weight loss in CagriSema trial vs placebo at 52 weeks. Licensed HRS-1596 from Hengrui for up to $2.6B, targeting obesity and T2D. OCTANE data showed 4.1% weight loss in 3 months for patients switching to oral semaglutide.

Regeneron's experimental weight-loss drug, combined with Novo Nordisk's semaglutide, reduced muscle mass loss by 50% in a study. The trial involved patients using both drugs.

Novo Nordisk (NVO) agreed to pay up to $2.6B for rights to Hengrui's experimental once-weekly obesity pill HRS-1596, including $300M upfront. The deal covers markets outside China and depends on future milestones. HRS-1596 targets GLP-1 and GIP pathways, similar to Eli Lilly's (LLY) Zepbound, but has not yet been tested in humans. Novo aims to bolster its pipeline amid market share losses and patent expirations.

Eli Lilly presented Phase 3 data for retatrutide, showing 23% weight loss and significant blood sugar reductions. Novo Nordisk and Genentech licensed weight-loss molecules from Jiangsu Hengrui and Hanmi Pharmaceuticals, respectively, for upfront payments of $300M and $190M. Roche abandoned its obesity drug, emugrobart, after Phase 2 trial failures.

Novo Nordisk (NYSE:NVO) presented data at the 2026 EASD meeting, showing its obesity drug CagriSema reduces food cravings and achieves significant weight loss. The drug showed a 22.4% weight reduction vs. placebo in a 52-week study. The company also shared real-world data on oral semaglutide, showing a 4.1% weight loss in three months. NVO shares were up 0.12% to $38.37 at the time of publication.

Novo Nordisk (NVO) reported that escalating semaglutide doses reduced major cardiovascular events by 6% compared to switching to Eli Lilly's (LLY) tirzepatide. The study involved 636,525 type 2 diabetes patients. Separately, NVO licensed HRS-1596 from Hengrui Pharma for up to $2.6B, targeting obesity and diabetes. NVO shares fell 1.34% to $38.19 on Tuesday.