Gan & Lee Pharmaceuticals has entered an exclusive license agreement with The Menarini Group covering bofanglutide, its independently developed glucagon-like peptide-1 receptor agonist (GLP-1 RA), for adults with obesity or overweight. The twice-monthly injectable is eligible for an upfront payment of EUR 62 million, milestone payments of up to EUR 664 million and double-digit royalties on net sales, giving the deal a potential value of EUR 726 million excluding royalties. Menarini will manage regulatory submissions and commercialization across 39 countries, including the 27 European Union member states, the United Kingdom, Switzerland, Norway, Iceland, Liechtenstein and Balkans countries. Gan & Lee said studies in China and the United States met their primary endpoints, while the companies plan further development, including a global Phase 3 program to support registration in Europe and other highly regulated markets. Bofanglutide remains investigational and has not been approved by the European Medicines Agency or other health authorities.