Eli Lilly (LLY) has announced its plan to acquire Scorpion Therapeutics’ experimental cancer therapy in a deal potentially worth up to $2.5 billion. This strategic acquisition will expand Lilly’s oncology pipeline, further solidifying its commitment to advancing cancer treatments.
The therapy in question, STX-478, is an oral PI3K inhibitor currently undergoing early-stage trials for breast cancer and other advanced solid tumors. PI3K inhibitors work by selectively targeting the PI3K protein, which plays a significant role in the development and progression of various cancers.
“We are excited to leverage the excellent work done by the Scorpion team, combining it with Lilly’s extensive expertise in breast cancer, to rapidly and efficiently advance STX-478,” said Jacob Van Naarden, President of Lilly Oncology.
The deal includes an upfront payment, with additional payments tied to the achievement of specific regulatory and sales milestones. Furthermore, as part of the agreement, Scorpion Therapeutics will spin off a new entity to manage its non-PI3K pipeline and assets, with Lilly holding a minority stake in the new company.
This acquisition marks a significant move for Eli Lilly in its quest to expand its oncology portfolio and accelerate the development of new cancer therapies.
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