Eli Lilly on Friday said it will acquire Versanis, a privately held obesity drug maker, for up to $1.93 billion to boost the pharmaceutical giant's weight loss treatment portfolio. Eli Lilly agreed to pay Versanis shareholders in cash, which will consist of an upfront payment and potentially subsequent payments if Versanis achieves certain "development and sales milestones." Oakland, California-based Versanis, which was founded in 2021 by biotech investment firm Aditum Bio, has one experimental drug for obesity and potentially other conditions. Analysts project that the global weight loss drug market could be worth $100 billion by around 2030. Versanis' drug, bimagrumab, binds directly to certain cells in the body to reduce fat mass.

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Persons: Eli Lilly, Versanis, Aditum, Eli Lilly's Organizations: Novo Nordisk, Novo Nordisk's Wegovy Locations: Oakland , California, Ozempic, U.S, Indianapolis