HANSOH PHARMA entered into a licensing agreement with Merck, granting Merck the global exclusive license to develop, manufacture, and commercialize the preclinical oral small molecule GLP-1 receptor agonist HS-10535. The company will receive a $0.112 billion upfront payment and is eligible for up to $1.9 billion in milestone payments based on the product's development, registration approval, and commercialization progress, as well as royalties based on product sales. Under specific conditions of the licensing agreement, the company may jointly promote or exclusively commercialize the product in mainland China, Hong Kong Special Administrative Region, and Macau Special Administrative Region.