Eli Lilly and Company shares traded 3.42% higher at $1,190.32 after the U.S. Food and Drug Administration approved Onswik, or insulin efsitora alfa-gobe, as a once-weekly basal insulin for adults with type 2 diabetes. Supported by four QWINT Phase 3 studies involving more than 3,400 participants, Onswik delivered non-inferior A1C reductions compared with daily insulin glargine U-100 and insulin degludec U-100 and showed a comparable overall safety profile. The approval is the drug's fourth globally after clearances in Europe, Japan and Mexico, and Lilly expects to make Onswik KwikPens available in the United States in coming months. Separately, Lilly entered a strategic licensing agreement with InnoCare Pharma covering up to five targets, under which InnoCare could receive up to $100 million in upfront and near-term payments, about $3.25 billion in development and commercial milestones, and tiered single-digit royalties.