Europe's Newest Obesity Drug Comes From a Place You Wouldn't Expect
Italian pharma giant Menarini just bet €726 million on a Chinese-made obesity drug for 39 European markets. The deal highlights a surprising trend: Western pharma companies are increasingly raiding Chinese biotech pipelines for their next blockbuster weight-loss drugs.
The hottest obesity drugs in the world are made by Novo Nordisk and Eli Lilly. Everyone knows that. But the next one to hit European pharmacies? It might come from China.
Italian pharma giant Menarini Group just signed a deal worth up to €726 million (roughly $844 million) to license bofanglutide, an obesity drug developed by Chinese biotech Gan & Lee, across 39 European countries. That includes the EU-27, the UK, Switzerland, Norway, and the Balkans.
This isn't some early-stage science project, either. The drug has real clinical data behind it, and the deal signals something bigger: Chinese biotechs aren't just making cheap generics anymore. They're inventing the drugs that Western pharma companies want to buy.
The Numbers Behind the Handshake
Menarini is paying €62 million upfront to get this deal done. The rest of the €726 million (excluding royalties) comes from milestone payments tied to regulatory and commercial targets, worth up to €664 million. On top of that, Gan & Lee gets double-digit royalties on European net sales.
For Menarini, this is a clear play to break into the obesity market. The company has been building out a cardio-metabolic pipeline through external partnerships rather than in-house discovery. Bofanglutide is the centerpiece of that strategy.
Under the agreement, Menarini handles everything from regulatory submissions to commercialization across those 39 countries. They're not just distributing someone else's drug; they're owning the launch.
What Makes This Drug Different (and Familiar)
Bofanglutide is a GLP-1 receptor agonist, which is the same class of drug as Wegovy and Ozempic. If you've heard of those (and at this point, who hasn't?), you know the basic idea: these drugs mimic a gut hormone that tells your brain you're full. They also slow down digestion and help regulate blood sugar. Think of it as your body's natural "put the fork down" signal, dialed up to eleven.
Get tomorrow's biotech intelligence before your competitors.
Join thousands of biotech professionals who start their day with our free, daily briefing.
The twist with bofanglutide is the dosing schedule. It's designed to be injected once every two weeks. That's half as often as semaglutide's weekly shots, which could be a real selling point for patients who hate needles (so, basically everyone).
The clinical data looks promising, too. In a Phase 2b trial of Chinese adults with overweight or obesity, the highest biweekly dose (48 mg) produced about 14.9% placebo-adjusted weight loss over 30 weeks. The placebo group? Just 1.15%. And researchers noted that weight loss hadn't plateaued yet at the end of the study, suggesting the ceiling might be even higher.
Safety-wise, the side effects were mostly mild-to-moderate GI issues: nausea, that sort of thing. No treatment-related serious adverse events were reported. That's the standard GLP-1 playbook, and it's a reassuring one.
Europe's Obesity Market Is a Gold Rush
To understand why Menarini is writing big checks, you need to understand the European obesity landscape. It's still early innings, but the stadium is filling up fast.
The European anti-obesity drug market was valued at roughly $1.8 to $2.4 billion in 2024–2025, depending on how you define the category. Growth forecasts cluster around 15–22% annually, which means this market could triple or quadruple within a decade.
Right now, it's essentially a two-horse race. Novo Nordisk's Wegovy (semaglutide) is the revenue leader, while Eli Lilly's Zepbound/Mounjaro (tirzepatide) is the fastest-growing challenger. Novo's branded anti-obesity market share sat at about 49% in early 2025, with competitors collectively holding 51%. That's a far cry from the near-monopoly Novo enjoyed just a couple of years ago.
Menarini is betting that a biweekly GLP-1 with strong weight-loss data can carve out a meaningful third position. It's a crowded table, but there's plenty of food to go around (pun very much intended).
China: The Unlikely Obesity Drug Factory
If bofanglutide's Chinese origins surprise you, buckle up. This deal is part of a massive trend.
Western pharma companies have been raiding Chinese biotech pipelines for GLP-1 obesity assets at a staggering pace over the past two years. The numbers are jaw-dropping:
AstraZeneca paid up to $18.5 billion to license obesity and diabetes programs from CSPC, one of the largest China-related licensing deals in the sector. Pfizer struck a deal worth up to $2.1 billion with Yao Pharma/Fosun for an oral GLP-1. Novo Nordisk itself paid up to $2 billion for a "triple-G" obesity candidate from United Laboratories. Even Regeneron got in the game, paying up to $2 billion for Hansoh's dual GLP-1/GIP agonist.
By one industry estimate, roughly one-third of large pharma's in-licensed molecules now come from China, up from 10–12% earlier in the decade. That's a seismic shift.
Why China? Speed and variety. Chinese biotechs often have clinically tested obesity assets ready for out-licensing faster, and sometimes cheaper, than Western companies can build internally. They also offer mechanism diversity: oral GLP-1s, dual agonists, triple agonists. For companies desperate to compete with Lilly and Novo, China has become the go-to shopping mall.
Bofanglutide's Global Tour
Europe isn't the only stop on bofanglutide's world tour. Gan & Lee has already signed regional deals across multiple geographies. CARNOT/Productos Científicos has rights for Latin America (including Mexico and Brazil). A partner in India secured earlier territorial rights. And South Korea is covered through a separate exclusive license.
Meanwhile, the clinical program keeps advancing. A US Phase 2 trial is underway, and a multiregional Phase 3 study comparing bofanglutide head-to-head with semaglutide has been initiated for Latin American patients. That direct comparison will be the real test: can this drug go toe-to-toe with the category king?
The Bottom Line
Menarini's €726 million bet is really two bets in one. First, that bofanglutide's biweekly dosing and strong weight-loss data can compete in a market dominated by Novo and Lilly. Second, that sourcing innovation from Chinese biotechs is a viable long-term strategy for European pharma.
Both bets are reasonable. The obesity market is growing so fast that even a third-place finisher in Europe could generate blockbuster revenues. And the wave of China-to-West licensing deals shows no signs of slowing down.
For Menarini, this is a chance to transform from a traditional pharma player into a metabolic disease contender. For Gan & Lee, it's validation that a Chinese-origin GLP-1 can attract serious Western money. And for European patients? It might mean one more option in the fight against obesity, with the added bonus of fewer needle sticks per month.
Not a bad deal for anyone at the table.
Clinical & Regulatory4 min read
AstraZeneca's Breast Cancer Pill Had One Job. It Didn't Deliver.
AstraZeneca's oral breast cancer pill camizestrant missed its primary endpoint in the pivotal SERENA-4 trial, failing to prove a statistically significant benefit in first-line advanced breast cancer. The setback narrows the drug's commercial ceiling just as Eli Lilly's competing therapy racks up its second FDA approval.
