Menarini secured European rights to Gan & Lee’s biweekly GLP-1 receptor agonist bofanglutide in a licensing deal covering 39 countries. Menarini will pay Gan & Lee €62 million upfront with additional milestones up to €664 million and tiered double-digit royalties. The agreement is positioned as Menarini’s largest ex-China licensing move for an obesity candidate, extending Menarini’s portfolio as European GLP-1 competition accelerates. Gan & Lee retains rights in China, the U.S., and other unlicensed territories. The deal structure—upfront plus large milestone upside—reflects how obesity assets are being valued based on expected registration and commercial execution across major European markets.