Prime Highlights
- Eli Lilly and Abbisko Therapeutics signed a deal worth up to $1.9 billion in milestone payments.
- Abbisko Therapeutics will lead discovery and early development activities across multiple drug targets.
Key Facts
- Abbisko Cayman is a Hong Kong-listed oncology-specialist drugmaker headquartered in Shanghai, China.
- Abbisko Therapeutics first partnered with Eli Lilly in 2022 for a small-molecule therapeutic programme.
Background
U.S. drugmaker Eli Lilly has entered a collaboration agreement with Abbisko Therapeutics, a subsidiary of Hong Kong-listed Abbisko Cayman, for experimental medicines across multiple targets. The deal carries potential payments of up to $1.9 billion if milestones are met, the Chinese drugmaker announced.
Under the agreement, Abbisko Therapeutics will lead discovery and early development activities for drug programs. These two companies plan to up the innovation in their therapeutic development efforts, and also to make their treatment offering better around the world.
Abbisko Therapeutics will be able to get an upfront payment of an undisclosed figure, in addition to up to $1.9 billion in milestone payments associated with development, regulatory, and commercial successes.
The deal marks another win for Abbisko Therapeutics, which first partnered with Lilly in 2022 to discover, develop, and potentially commercialise a small-molecule therapeutic. The latest agreement expands that relationship further across multiple drug targets.
Abbisko Cayman disclosed the deal through a filing to the Hong Kong stock exchange. Shares of the Shanghai-headquartered firm rose around 4 percent following the announcement.
Abbisko Therapeutics declined to specify the disease areas covered under the collaboration. Lilly did not respond to requests for comment.
