Pharma BD Deal Intelligence
Lilly acquired Versanis Bio for $1.93B.
Lilly ADA 2025 presentations incl. BELIEVE Phase 2 bimagrumab +/- semaglutide data.
Lilly terminated bimagrumab+tirzepatide T2D obesity trial (NCT06901349) on 2025-09-25 for strategic business reasons; obesity-only combo trial continues,…
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Eli Lilly (NYSE: LLY) acquired clinical-stage cardiometabolic biotech Versanis Bio in a deal announced July 14, 2023 and completed August 14, 2023, with total consideration of up to $1.93 billion including upfront, development and sales milestones. The asset was bimagrumab (LY3985863), a monoclonal antibody that blocks activin type II receptors to reduce fat mass while preserving or building lean (muscle) mass — a profile intended to complement Lilly's incretin franchise (tirzepatide / Zepbound), where rapid weight loss can erode muscle. Since close, the thesis has been clinically validated: the BELIEVE Phase 2 trial (NCT05616013) of bimagrumab alone and combined with semaglutide, presented at the June 2025 ADA Scientific Sessions and published in Nature Medicine, showed the combination drove up to ~17.8 kg weight loss versus ~14.2 kg for semaglutide alone while preserving lean mass and reducing visceral fat. Lilly has since prioritized bimagrumab + its own tirzepatide: it terminated a bimagrumab+tirzepatide trial in obesity with type 2 diabetes (NCT06901349) on September 25, 2025 for stated 'strategic business reasons' (not safety or efficacy), while the obesity-only bimagrumab+tirzepatide Phase 2 (NCT06643728) continues, with an initial readout expected around April 2026.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Eli Lilly and Company / Versanis Bio (this deal) | 2023 | $1.9B | 63 |
| 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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