What's Going On With Eli Lilly?
Eli Lilly (LLY) today announced a multi-year, strategic collaboration with Lycia Therapeutics to develop targeted therapeutics using Lycia's proprietary lysosomal targeting chimera protein degradation technology. Lycia will receive an upfront payment of $35 million and eligible to receive $1.6 billion in potential milestone payments.
Shares of the company were trading higher 0.05% to $262.89 a share on Wednesday.
What Does This Mean For Eli Lilly?
The agreement states the two companies will take leverage Lycia's LYTAC platform to help develop novel degraders for roughly five targets designed to address immunology and pain. Lilly will head preclinical and clinical development of candidates and receive an exclusive worldwide license to commercialize potential medicines as a result of the agreement.
"This collaboration with Lycia furthers Lilly's strategy to utilize innovative new technology to treat challenging disease areas, such as immunology and pain," said Ajay Nirula, M.D., Ph.D., vice president of immunology at Lilly. Adding, "we believe Lycia's technology may allow us to develop targeted therapeutics that were not previously feasible and make advances for patients in areas of high unmet need."
Eli Lilly and Company discovers, develops, and markets human pharmaceuticals.
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Eli Lilly is a drug firm with a focus on neuroscience, endocrinology, oncology, and immunology. Lilly's key products include Alimta and Verzenio for cancer; Jardiance, Trulicity, Humalog, and Humulin for diabetes; and Taltz and Olumiant for immunology.
