US-based molecular glue specialist Magnet Biomedicine has entered into a collaboration and license agreement with Eli Lilly & Co. (NYSE: LLY). The alliance aims to discover, develop, and commercialize molecular glue therapeutics in oncology.
Collaboration Details
Specifically, Magnet’s TrueGlue discovery platform will be utilized to identify molecular glues capable of inducing protein proximity and cooperativity. This enables novel mechanisms of action to address difficult-to-drug targets across multiple diseases with unmet medical needs.
Financial Terms
Under the terms of the agreement, Magnet will receive up to USD 40 million in upfront and near-term payments, along with an equity investment. The company is also eligible to receive a total of more than USD 1.25 billion in milestones upon achievement of certain development, regulatory, and commercial milestones, as well as tiered royalties on global net sales.-Fineline Info & Tech
