For an investment of up to $1.9 billion, Eli Lilly will be able to use Ascidian Therapeutics’ platform that removes mutated exons from mRNA molecules, avoiding the expression of disease-causing proteins.
Eli Lilly is continuing its deal-making streak, this time inking an RNA-focused alliance with Ascidian Therapeutics to target kidney diseases.
The deal, announced Wednesday, could reach up to $1.9 billion in value, inclusive of Lilly’s undisclosed upfront payment, plus development and commercial milestone commitments. Ascidian will also be entitled to tiered royalties on worldwide sales if assets from the alliance reach the market.
In exchange for its investment, Lilly will be able to use Ascidian’s RNA exon editing platform to develop assets for yet undisclosed kidney indications.
The Boston-based biotech makes use of DNA constructs that, when delivered into patients, are transcribed into mutation-free, exon-only RNA molecules that specifically seek out single-stranded pre-mRNA, according to the company’s website. This mechanism allows Ascidian’s therapies to replace parts of the mRNA that would have otherwise carried mutated exons, resulting in disease-causing proteins.
“RNA exon editing gives us the ability to rewrite genes at their source, without altering DNA, opening the door to diseases long out of reach,” Ascidian CEO Michael Ehlers said in a prepared statement. The biotech’s platform also does not require the introduction of foreign enzymes and instead relies on the native machinery of the patients’ own cells.
Under Wednesday’s deal, Ascidian will take charge of discovery and some early lab work, after which Lilly will assume responsibility of additional preclinical and clinical development, manufacturing and commercialization, according to the Wednesday release. Ascidian will be free to use its platform to go after other kidney disease targets or to collaborate with other partners.
Lilly has come out on top of the competitive and lucrative weight-loss market. Last year, the pharma’s GLP-1 franchise—which at the time consisted of the type 2 diabetes drug Mounjaro and the weight-loss medicine Zepbound—collectively made more than $36 billion, outpacing Merck’s mega-blockbuster cancer therapy Keytruda. Mounjaro and Zepbound contain the same active ingredient, tirzepatide.
On the back of these staggering sales figures, Lilly’s overall 2025 revenues surged 45% to hit $65.18 billion. Lilly was the industry’s fastest-growing player last year.
The giant pharma from Indianapolis has put all of this money to productive use, reinvesting a hefty amount to growing its pipeline. By the end of April, Lilly has already earmarked some $21 billion for partnerships. That figure didn’t include its $3.8 billion commitment last week to absorb three vaccine developers.
A few days earlier, the pharma also acquired the preclinical player Engage Bio for up to $202 million, gaining access to its non-viral DNA delivery technology. Other recent Lilly deals include a trinity of takeovers: Ajax Therapeutics for $2.3 billion, CrossBridge Bio for $300 million and Kelonia Therapeutics for $7 billion.
