Core Viewpoint - Eli Lilly is entering a licensing agreement worth up to $870 million with Camurus to enhance its obesity and diabetes drug portfolio using Camurus' long-acting delivery technology [2]. Group 1: Partnership Details - The collaboration allows Eli Lilly to utilize Camurus' FluidCrystal technology to develop and commercialize long-acting gut hormones based on up to four proprietary compounds [2]. - The gut hormone compounds considered in this partnership include dual GIP and GLP-1 receptor agonists, triple GIP, glucagon, and GLP-1 receptor agonists, along with optional amylin receptor agonists [2]. - Camurus will receive up to $290 million in upfront and milestone payments, along with an additional $580 million based on sales milestones and mid-single-digit tiered royalties on global net product sales [2]. Group 2: Product Pipeline and Market Position - Eli Lilly's cardiovascular metabolic product line has significant prospects in obesity and diabetes, including drugs like retatrutide (GIP/GLP-1/glucagon receptor agonist), orforglipron (GLP-1 candidate), and loraglutide (amylin receptor agonist) [4]. - The company is also advancing its GIP/GLP-1 star drug tirzepatide, approved for obesity under the brand name Zepbound and for diabetes as Mounjaro, with ongoing research for high-dose versions and other indications like metabolic dysfunction-related fatty liver [4]. - Camurus' FluidCrystal technology aims to deliver drugs over extended periods through pre-filled syringes or auto-injectors, transforming into a liquid crystal gel upon contact with bodily fluids, allowing for sustained release of active ingredients over "days to months" [4]. Group 3: Competitive Landscape - Eli Lilly and Novo Nordisk have not yet monopolized the long-acting weight loss drug market, with competitors like Metsera approaching the market with promising results from their phase 2 trials for ultra-long-acting GLP-1 candidates intended for monthly injections [4].