Menarini signed its largest ex-China licensing agreement for Gan & Lee’s obesity candidate bofanglutide (GZR-18), securing rights across 39 European countries in a deal valued at up to €726 million. The agreement includes €62 million upfront and additional milestone payments, plus tiered double-digit royalties. The biweekly GLP-1 receptor agonist targets obesity and related metabolic indications, with Gan & Lee retaining rights in China, the U.S., and other unlicensed territories. Menarini’s entry intensifies competitive pressure among GLP-1 and next-generation incretin therapies in Europe. For the deal landscape, the transaction underscores how non-European developers are using licensing to convert late-stage momentum into faster regional commercialization reach.