China-based Gan & Lee Pharmaceuticals (SSE: 603087) has licensed European rights to bofanglutide (GZR18), its biweekly glucagon-like peptide-1 receptor agonist (GLP-1 RA) for obesity and overweight, to Italy-based The Menarini Group in a deal worth up to EUR 726 million (USD 842.81 million) excluding royalties.
The agreement grants Menarini exclusive rights to register and commercialize bofanglutide across 39 countries, covering the EU27, the UK, Switzerland, Norway, Iceland, Liechtenstein, and Balkan markets. Gan & Lee is eligible to receive an upfront payment of EUR 62 million (USD 71.98 million), milestone payments totaling up to EUR 664 million (USD 735 million), and double-digit royalties on net sales. Menarini assumes full responsibility for regulatory submissions and commercialization across the territory, while Gan & Lee intends to run the global Phase III program.
The deal follows positive data from two pivotal studies. Bofanglutide met primary endpoints in both a Phase III weight loss study in China and a US Phase II study in June 2026. Earlier Phase IIb data reported 17.29% mean weight loss at 30 weeks. The asset's differentiation claim rests on its once-every-two-weeks subcutaneous dosing schedule, which is less frequent than the once-weekly dosing of GLP-1 RAs such as semaglutide and tirzepatide. Gan & Lee has a US Phase II head-to-head against tirzepatide ongoing, with Gan & Lee sponsoring the trial independently.