(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’s Wegovy or semaglutide in adults who are overweight or obese.
(Reporting by Sriparna Roy in Bengaluru; Editing by Arun Koyyur)
