Richter gives Lilly global estetrol combination rights and a US option on FYLREVY

Gedeon Richter has opened its estetrol (E4) franchise to Eli Lilly. The two companies announced on 12 November 2026 that Lilly will be able to develop and sell, anywhere in the world, products that pair E4 with Lilly's own compounds. Richter retains E4 as a standalone product. The rights cover women's health and cardiometabolic disease, and they are exclusive to Lilly.

A second element touches Richter's near-term commercial prospects. Lilly gets an option to share US commercial responsibility for FYLREVY, Richter's E4 monotherapy. The product is approved in the European Economic Area for hormone replacement therapy. In the US it is under FDA review for menopausal vasomotor symptoms. The option therefore sits alongside a regulatory decision that has not yet been made.

On the financial side, Richter is eligible for milestone payments and royalties, and Lilly will buy about $15 million of Richter treasury shares. The summary of the deal gives no milestone amounts, royalty rates or total deal value, so the size of the potential upside to Richter cannot be assessed from the information released.

The agreement is not yet final. Closing depends on clearance under the US Hart-Scott-Rodino Act and on other customary conditions. As background, HSR is the US antitrust pre-merger notification process, which can apply to licensing and equity transactions as well as acquisitions.