Eli Lilly inked a licensing agreement with Hanmi Pharmaceutical for sonefpeglutide, a long-acting GLP-2 analog in development for short bowel syndrome and other indications. The deal includes $75 million upfront and up to $1.185 billion in milestone payments, with Hanmi retaining rights in Korea. Lilly will handle global development, manufacturing, and commercialization outside Korea, while Hanmi continues leading the Phase 2 short bowel syndrome study through completion. Hanmi’s LAPSCOVERY platform underpins the asset, and Lilly’s broader GLP portfolio sets the stage for additional label expansion if data supports benefit. The transaction reflects Big Pharma’s continued investment beyond GLP-1 into next-generation gastrointestinal incretin pathways, particularly in orphan or high-unmet-need segments like SBS. The agreement also provides Hanmi with milestone-based upside while giving Lilly multiple shots on goal for intestinal growth and enteral function endpoints.