Magnet Biomedicine, Eli Lilly Ink $1.25B Deal for Cancer Drug Discovery
Magnet Biomedicine has inked a significant deal with pharmaceutical giant Eli Lilly and Company. The collaboration, announced in February 2025, focuses on developing molecular glue therapeutics for oncology using Magnet's TrueGlue™ discovery platform.
The partnership brings substantial financial backing to Magnet. Eli Lilly will provide an upfront payment, along with an equity investment of up to $40 million. Furthermore, Magnet stands to gain tiered royalties on global net sales. The total potential milestone payments reach over $1.25 billion, contingent on achieving specific development, regulatory, and commercial milestones.
The collaboration will harness Magnet's innovative TrueGlue™ platform to identify molecular glues targeting challenging drug targets. This technology has the potential to revolutionize cancer treatment by enabling the development of novel therapies for previously undruggable targets.
The Magnet Biomedicine-Eli Lilly collaboration, advised by Kirkland & Ellis LLP, promises to accelerate the development of molecular glue therapeutics. With substantial financial support and the potential for significant milestone payments, this partnership could lead to breakthroughs in oncology and expand the treatment options for cancer patients.
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