Menarini struck a large European licensing deal for Gan & Lee’s biweekly GLP-1 obesity candidate, bofanglutide, extending the drug into 39 European countries. The agreement is structured around an upfront €62 million payment, milestone funding that can reach €664 million, and double-digit royalties. The move underscores how quickly European obesity players are repositioning around next-generation incretin formats. It also highlights Gan & Lee’s strategy to retain commercial rights in markets outside Europe while monetizing development and launch economics via regional partners.