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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