Eli Lilly's Van Naarden hands $380M cash to Flagship-backed upstart in major new oncology deal
Jake Van Naarden, who rules the oncology roost at Eli Lilly, is back in the dealmaking game.
Monday morning he uncorked a deal to provide Flagship-backed Foghorn Therapeutics $380 million — $300 million in cash and $80 million for a premium equity deal — to jump on board the biotech’s development platform. The deal gives him co-development and co-commercialization rights to their BRM selective program — which uses protein degradation and enzymatic inhibition — directed against BRG1 mutations. Those mutations are aligned along 5% of all tumors and 10% of NSCLC.
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