UPDATED: Eli Lilly keeps its foot on dealmaking pedal, recruiting Carolyn Bertozzi's protein degradation tech for $1.6B+
Eli Lilly is staying busy during the summer months, wheeling and dealing its way to new deals. On Wednesday, the Big Pharma sealed its latest collaboration with a biotech focused on protein degradation.
Lilly is plunking down $35 million upfront and promising another $1.6 billion-plus to South San Francisco’s Lycia Therapeutics, the companies said Wednesday morning. The deal will spur development for five new candidates and initially focus on immunology and pain, although it may expand into other disease areas, Lycia CEO Aetna Wun Trombley told Endpoints News.
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