Beijing/Florence – September 08, 2026 -- Gan & Lee Pharmaceuticals (603087.SH) has signed an exclusive license agreement with Italy's Menarini Group worth up to €726 million, excluding royalties, to develop and commercialize the obesity drug bofanglutida across 39 European markets.

Gan & Lee secures €62 million upfront with milestones reaching €664 million

Under the deal, Gan & Lee will receive an initial payment of €62 million, milestone payments totaling up to €664 million, and double-digit royalties on net sales within the licensed territory. Menarini will handle regulatory filings and commercialization in the 27 European Union member states, the United Kingdom, Switzerland, Norway, Iceland, Liechtenstein and Balkan countries.

Bofanglutida offers biweekly dosing, cutting injection frequency by 50%

Bofanglutida, internally coded GZR18, is a long-acting GLP-1 receptor agonist developed independently by Gan & Lee for adults with obesity or overweight, dosed once every two weeks. That schedule halves the injection frequency compared with weekly GLP-1 RA therapies currently on the market. A Phase 3 pivotal study in China and a Phase 2 study in the United States for weight management both met their primary endpoints, showing weight-loss efficacy and a tolerability profile consistent with other drugs in the GLP-1 RA class.

Companies plan global Phase 3 program to support European registration

Gan & Lee said it is advancing a global development plan for bofanglutida and intends to launch a global Phase 3 clinical program to support registration in Europe and other highly regulated markets. The company classifies bofanglutida as a flagship asset within its innovative pipeline and is pursuing global partnerships to accelerate its rollout.

Executives frame deal as pivot from insulin leadership to metabolic innovation

Dr. Wei Chen, chairman and CEO of Gan & Lee, said the alliance establishes a pathway for bofanglutida's entry into the European market and marks a step in the company's transformation from an insulin leader to a global innovator in metabolic disease. He said the partnership combines Gan & Lee's clinical development, manufacturing and supply capabilities with Menarini's regulatory strategy and commercial execution to reach patients with obesity or overweight across the licensed territories.

Elcin Barker Ergun, CEO of Menarini Group, said clinical results for bofanglutida have so far shown weight reduction, secondary metabolic benefits and a safety profile consistent with expectations for the drug class, while its biweekly dosing regimen offers a differentiation opportunity. She said Menarini expects to work closely with Gan & Lee to complete the pivotal studies needed to bring the option to patients across its territories.

Menarini expands metabolic-disease footprint through licensed asset

Menarini, headquartered in Florence, operates in 140 countries with consolidated revenue of €4.88 billion and more than 17,000 employees, spanning cardiometabolic, oncology, gastroenterology, diabetology, pneumology and anti-inflammatory/analgesic therapeutic areas. The bofanglutida agreement extends Menarini's push into metabolic disease as it seeks to broaden its primary and specialty care innovation pipeline.

Bofanglutida remains an investigational compound; its safety and efficacy have not been established or authorized by the European Medicines Agency or other health authorities, and it is not approved for marketing.