Eli Lilly agreed to license Hanmi Pharmaceutical’s long-acting GLP-2 analog sonefpeglutide in a $1.26 billion transaction structured around an upfront payment and milestone-based consideration. Lilly gets rights outside Korea, while Hanmi retains Korea control and continues development in short bowel syndrome. The deal supports a strategy to expand Lilly’s gastrointestinal portfolio beyond GLP-1, with the asset already in Phase 2 for short bowel syndrome. Under the agreement, Hanmi receives an upfront consideration and could earn additional development, regulatory, and commercial milestones, plus royalties if the product reaches market. The transaction also underscores Big Pharma interest in longer-acting peptide biologics using platform technologies such as Hanmi’s LAPSCOVERY.