On September 29th, Hengrui Medicine announced that it had reached an agreement with Novo Nordisk A/S (hereinafter referred to as "Novo") to license Hengrui's potential once-weekly oral administration of glucagon-like peptide-1 (GLP-1) and gastric inhibitory peptide (GIP) dual receptor agonist HRS-1596 to Novo for a fee. Novo will receive exclusive global rights to develop, manufacture and commercialize HRS-1596 outside Greater China. The potential total transaction value of the transaction is up to $2.6 billion, including an upfront payment of $300 million and payments upon achievement of relevant development, registration and commercialization milestones. In addition, Hengrui will be eligible to receive corresponding sales commissions based on the net sales of HRS-1596 within the authorized area.