Camurus and Lilly enter collaboration and license agreement for long-acting FluidCrystal® incretins

Rhea-AI Summary

Camurus (CAMX) and Eli Lilly have formed a strategic collaboration and license agreement for developing long-acting incretin therapies using Camurus' FluidCrystal technology. The partnership grants Lilly exclusive worldwide rights to develop and commercialize up to four proprietary drug compounds for cardiometabolic health. Under the agreement terms, Camurus is eligible to receive up to $870 million in total payments, comprising $290 million in upfront, development, and regulatory milestones, plus $580 million in sales-based milestones. Additionally, Camurus will receive tiered mid-single digit royalties on global net product sales. The collaboration focuses on dual GIP and GLP-1 receptor agonists, triple GIP, glucagon and GLP-1 receptor agonists, with an option to include amylin receptor agonists.

Positive

• Potential total deal value of up to $870 million plus royalties
• Partnership with global leader Lilly enhances credibility and market reach
• Agreement includes multiple drug compounds, expanding potential revenue streams
• Mid-single digit royalties on global sales provide long-term revenue potential
• Leverages Camurus' technology in high-growth cardiometabolic market

Negative

• Milestone payments are contingent on development and sales achievements
• Royalty rate limited to mid-single digits suggests limited profit share

Insights

Pharmaceutical Industry Analyst

Camurus secures lucrative partnership with Eli Lilly worth up to $870M plus royalties for its FluidCrystal® delivery technology in metabolic diseases.

This collaboration between Camurus and Eli Lilly represents a significant strategic win for the Swedish drug delivery company. The deal grants Lilly exclusive worldwide rights to utilize Camurus' FluidCrystal® technology for developing long-acting incretin products targeting cardiometabolic conditions. The financial terms are particularly impressive – $290 million in potential upfront and development milestones, $580 million in sales-based milestones, plus mid-single-digit royalties on global sales.

The partnership strategically positions Camurus' proprietary drug delivery platform in the rapidly expanding metabolic disease market. Lilly is an ideal partner, being a dominant force in GLP-1 therapies with blockbuster products like tirzepatide. This collaboration allows Camurus to potentially generate substantial revenue streams while maintaining its core focus on CNS and rare diseases.

The agreement encompasses several cutting-edge therapeutic approaches – dual GIP/GLP-1 receptor agonists, triple GIP/glucagon/GLP-1 receptor agonists, and potentially amylin receptor agonists. Importantly, the FluidCrystal® technology could potentially address key limitations in current incretin therapies by creating longer-acting formulations, potentially improving patient compliance and reducing injection frequency.

For investors, this deal provides Camurus with meaningful near-term revenue potential through milestone payments while establishing a foundation for long-term royalty streams if products reach commercialization. The collaboration also serves as strong validation of Camurus' technology platform from one of the pharmaceutical industry's most respected players in metabolic disease.

• Partnership focused on development of long-acting therapies based on Camurus' FluidCrystal^® technology and Eli Lilly's proprietary drug compounds
  
• Camurus eligible to receive up to $870 million in potential development and sales milestone payments and mid-single-digit royalty

LUND, Sweden and INDIANAPOLIS, June 3, 2025 /PRNewswire/ -- Camurus (NASDAQ STO: CAMX) and Eli Lilly and Company ("Lilly") have entered a collaboration and license agreement, granting Lilly exclusive, worldwide rights to the research, development, manufacture, and commercialization of long-acting incretin products for cardiometabolic health based on Camurus' FluidCrystal technology. The agreement comprises up to four Lilly proprietary drug compounds.*

"We are pleased to enter into this collaboration with Lilly to bring innovative long-acting treatment options to people living with obesity, diabetes, and other serious chronic diseases", said Fredrik Tiberg, President & CEO, CSO of Camurus. "Through the collaboration with Lilly, a global leader in the metabolic disease area, we leverage our FluidCrystal technology in rapidly expanding indication areas impacting hundreds of millions of people, while maintaining our own commercial focus on CNS and rare diseases."

In return for granting Lilly the license to use the FluidCrystal technology for the selected incretin drug compounds for cardiometabolic health, Camurus is eligible to receive up to $290 million in upfront, development, and regulatory milestone payments as well as $580 million in sales-based milestone payments and tiered mid-single digit royalties on global net product sales.

*Selected from dual GIP and GLP-1 receptor agonists, triple GIP, glucagon and GLP-1 receptor agonists, and an option to include amylin receptor agonists.

For more information
Fredrik Tiberg, President & CEO
Tel. +46 (0)46 286 46 92
fredrik.tiberg@camurus.com  

Fredrik Joabsson, Chief Business Development Officer
Tel. +46 (0)70 776 17 37
ir@camurus.com

About FluidCrystal

Camurus' proprietary FluidCrystal technology is designed to deliver therapeutic levels of drug substance over extended periods - from days to months - with a single injection using a prefilled syringe or autoinjector pen. Upon contact with bodily fluids in the tissue, the lipid solution transforms into a liquid crystalline gel that quickly and effectively encapsulates the active ingredient. As the liquid crystalline matrix gradually degrades in the tissue, the drug is slowly released. The technology is commercially and regulatory validated by market approvals and product sales in Europe, the US, and Australia.

About Camurus

Camurus is an international, science-led biopharmaceutical company committed to developing and commercializing innovative, long-acting medicines for improving the lives of patients with severe and chronic diseases. New drug products with best-in-class potential are conceived based on the company's proprietary FluidCrystal^® technology and its extensive R&D expertise. The R&D pipeline includes products for the treatment of dependence, pain, cancer, and endocrine diseases. Camurus has operations across Europe, the US, and Australia, with headquarters in Lund, Sweden. The company's shares are listed on Nasdaq Stockholm under the ticker CAMX. For more information, visit www.camurus.com and LinkedIn.

This information is information that Camurus AB is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the managing director, at 7.45 pm CET on 3 June 2025.

CONTACT:

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Press release

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SOURCE Camurus AB

FAQ

What is the total value of the Camurus-Lilly collaboration agreement?

The total potential value is up to $870 million, including $290 million in upfront, development, and regulatory milestones, plus $580 million in sales-based milestones, and mid-single digit royalties on global sales.

What technology is Camurus licensing to Eli Lilly?

Camurus is licensing its FluidCrystal technology for developing long-acting incretin products for cardiometabolic health.

How many drug compounds are included in the Camurus-Lilly agreement?

The agreement comprises up to four Lilly proprietary drug compounds, including dual GIP and GLP-1 receptor agonists, triple GIP, glucagon and GLP-1 receptor agonists, with an option for amylin receptor agonists.

What royalty rate will Camurus receive from Lilly under the agreement?

Camurus will receive tiered mid-single digit royalties on global net product sales.

What therapeutic areas will the Camurus-Lilly collaboration target?

The collaboration targets cardiometabolic health, specifically focusing on treatments for obesity, diabetes, and other serious chronic diseases.