Pharma BD Deal Intelligence

Eli Lilly and Company / Camurus AB

2025 · Licensing/Option · $870M · Complete

Camurus granted Eli Lilly exclusive worldwide rights to research, develop, manufacture and commercialize long-acting incretin products for cardiometabolic health built on Camurus' FluidCrystal injection depot technology, covering up to four Lilly proprietary compounds selected from dual GIP/GLP-1 receptor agonists and triple GIP/glucagon/GLP-1 receptor agonists, with an option to add amylin receptor agonists. Camurus is eligible for up to $290 million in upfront, development and regulatory milestones, up to $580 million in sales-based milestones, and tiered mid-single-digit royalties.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.

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