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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