© Reuters. FILE PHOTO: Eli Lilly logo is shown on one of the company’s offices in San Diego, California, U.S., September 17, 2020. REUTERS/Mike Blake/File Photo
(Reuters) -Eli Lilly and Co said on Friday it will acquire privately held drug developer Versanis for up to $1.93 billion, in a bid to boost its portfolio of obesity drugs.
Under the terms of the agreement, Versanis shareholders could receive $1.93 billion in cash, which includes an upfront payment and subsequent payments upon achievement of certain development and sales milestones.
Versanis’s lead drug, bimagrumab, is being evaluated in a mid-stage trial alone as well as in combination with Novo Nordisk (NYSE:)’s Wegovy or semaglutide in adults who are overweight or obese.
