Pharma BD Deal Intelligence
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.