On 2 June, Hansoh Pharma announced an exclusive global licensing agreement (excluding mainland China, Hong Kong and Macau) with Regeneron for the development, production and commercialisation of HS-20094, a GLP-1/GIP dual receptor agonist. Hansoh will receive only USD 80 million upfront but up to USD 1.93 billion in milestones and double-digit royalties, suggesting a strategy to avoid risk by Regeneron. HS-20094, currently in Phase III trials in China, showed superior HbA1c reduction (-0.63% to -0.84%) and weight loss (-1.27% to -4.41%) versus placebo in Phase II studies. Only tirzepatide (Eli Lilly's Mounjaro) is currently approved globally in this class, with USD 16.4 billion in 2024 sales. Multiple Chinese firms, including Hansoh, have GLP-1R/GIPR agonists in Phase III development.