Eli Lilly antes up $60M gamble on a discovery deal with GSK-backed biotech
GSK-backed Sitryx has scored another illustrious partner: Eli Lilly.
The Oxford, UK-based company, which is focused on regulating immune cell metabolism to treat cancer and autoimmune diseases, has secured $50 million upfront from the US drugmaker in a deal that will make way for the two companies to collaborate on preclinical autoimmune disease targets identified by Sitryx.
Lilly, which already has its JAK inhibitor Olumiant and IL-17A antagonist Taltz in its immunology portfolio, will also make a $10 million equity investment in Sitryx, and is also on the hook for potential development milestone payments of up to $820 million, as well as commercialization milestones and royalty payments on potential sales.
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