Pharma BD Deal Intelligence
A $75M upfront, up to $1.26B licensing deal for Eli Lilly to gain global rights (outside Korea) to sonefpeglutide, Hanmi's long-acting GLP-2 agonist for short bowel syndrome—a slow-burn bet on a rare-disease asset still in U.S. Phase 2, extending Lilly's incretin-biology franchise well beyond obesity and diabetes.
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On June 1, 2026, Eli Lilly licensed global rights (outside Korea) to sonefpeglutide, Hanmi Pharmaceutical's long-acting GLP-2 receptor agonist, in a deal worth up to approximately $1.26 billion. Hanmi receives $75 million upfront and is eligible for up to $1.185 billion in clinical, regulatory and commercial milestone payments plus tiered royalties. The lead indication is short bowel syndrome, a rare malabsorption disorder; Hanmi has an ongoing U.S. Phase 2 study (DOLPHINS-2), and Lilly will explore additional gastrointestinal indications. The deal extends Lilly's gastrointestinal and incretin-biology franchise.
Short bowel syndrome (SBS) is a rare malabsorptive condition following extensive intestinal resection, often producing intestinal failure and dependence on parenteral nutrition. SBS is the most common indication for home parenteral nutrition in the US. The GLP-2 analog teduglutide (Gattex/Revestive) is the principal approved pharmacotherapy, dosed daily.
Sonefpeglutide is a long-acting (weekly-potential) GLP-2 receptor agonist positioned to improve on daily teduglutide on dosing convenience and enterotrophic effect; mid-stage development. Lilly takes global rights outside Korea.
Hanmi's Phase 2 proof-of-concept study of sonefpeglutide (HM15912) in SBS-IF (NCT04775706) is recruiting; est. primary completion Dec 2027, study completion May 2028, enrollment 18. Hanmi completes the global Phase 2; Lilly to explore additional GI indications.
Eli Lilly licensed global rights outside Korea to Hanmi's sonefpeglutide, a long-acting GLP-2 receptor agonist, in a deal worth up to ~$1.26B ($75M upfront + up to $1.185B milestones plus tiered royalties). Lead indication is short bowel syndrome.
Transaction between Eli Lilly and Hanmi Pharmaceutical is pending completion. Assessment will be updated upon deal close.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Eli Lilly and Company / Hanmi Pharmaceutical Co. Ltd. (this deal) | 2026 | $1.3B | 65 |
| Eli Lilly and Company / Boehringer Ingelheim GmbH | 2011 | $444M | 89 |
| Eli Lilly and Company / Loxo Oncology, Inc. | 2019 | $8.0B | 88 |
| Eli Lilly and Company / Applied Molecular Evolution Inc. | 2003 | $400M | 88 |
| Eli Lilly and Company / ICOS Corporation | 2006 | $2.3B | 87 |
| Eli Lilly and Company / Novartis Animal Health | 2014 | $5.4B | 70 |
| Eli Lilly and Company / Incyte Corporation | 2009 | $755M | 69 |
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More: 2026 deals · Eli Lilly and Company deals · Rare Disease deals