Gan & Lee Pharmaceuticals (SSE: 603087) has signed an exclusive licensing agreement with Italy-based The Menarini Group granting the European pharmaceutical company rights to register and commercialize bofanglutide (GZR18), a bi-weekly glucagon-like peptide-1 receptor agonist (GLP-1RA), across 39 European countries. The deal carries an EUR 62 million (USD 70 million) upfront payment, milestone payments of up to EUR 664 million (USD 750 million), and tiered royalties reaching double-digit percentages of net sales — bringing the total potential value, excluding royalties, to EUR 726 million (USD 820 million). Gan & Lee described it as the highest-value out-licensing deal the company has executed for this asset.
Bofanglutide is a long-acting GLP-1RA designed for dosing once every two weeks, potentially differentiating it from weekly injectable GLP-1 therapies. The company reported 17.29% mean weight loss at 30 weeks in a Phase IIb trial in Chinese overweight and obese adults. Both the Phase III weight loss study in China and a Phase II study in the US have since met their primary endpoints, according to a June 2026 announcement. The US program — a head-to-head comparison with tirzepatide — received FDA investigational new drug clearance in December 2024.
Gan & Lee retains all rights to bofanglutide outside the 39 licensed countries, including China and the US. The European agreement is the fourth territorial out-licensing deal for the asset, following agreements covering Latin America, India and, most recently, South Korea, where JW Pharmaceutical paid USD 5 million upfront in a deal worth up to USD 81.1 million.