BioArctic entered a research and collaboration agreement with Eli Lilly and Company to combine BioArctic’s proprietary BrainTransporter technology with an undisclosed Eli Lilly drug candidate targeting neurodegeneration. The agreement includes a USD 30 million upfront payment, potential milestone payments of up to USD 770 million and tiered royalties, with a total value of up to USD 800 million plus royalties. Eli Lilly will be responsible for global development and commercialization. The U.S. Food and Drug Administration approved Leqembi Iqlik, a subcutaneous autoinjector, for weekly initiation treatment in patients with early Alzheimer’s disease, and the product launched in the United States in August. BioArctic reported second-quarter net revenue of SEK 247.5 million, including SEK 179.4 million in Leqembi royalty income, while operating profit fell to negative SEK 6.5 million. Eisai forecast fiscal 2026 Leqembi sales of JPY 143.5 billion, up 63% from the previous year. BioArctic also formed an oncology research collaboration with Mesenkia Therapeutics and expects to begin Phase 2b studies of exidavnemab in multiple system atrophy and Parkinson’s disease-related dementia in the first half of 2027.