Eli Lilly is putting its obesity windfall to work again, striking a new deal to acquire CrossBridge Bio, a small Texas biotech known for its cancer tech.
Eli Lilly is hoping to bridge the gap in cancer care, rounding up an early-stage biotech that is working to create next-generation antibody-drug conjugates (ADCs).
The pharma’s acquisition of CrossBridge Bio includes an undisclosed upfront payment and biobucks potential, with the biotech’s shareholders eligible to receive up to $300 million in cash, according to a Tuesday announcement.
Formed in 2023, the Houston startup is working on dual-payload ADC tech in an effort to “transform clinical practice.” The biotech’s lead program CBB-120 is designed to target TROP2, a type of protein that’s often overexpressed in several solid tumors.
CrossBridge hopes CBB-120 will provide a safer and more durable cancer treatment compared to currently available TROP2-targeting ADCs—namely, Gilead Sciences’ Trodelvy. The investigational ADC is also designed to tackle resistance mechanisms.
The biotech is planning on asking the FDA for permission to start testing CBB-120 in humans sometime this year.
“We look forward to seeing how Lilly advances our new generation of dual-payload antibody-drug conjugates, including CBB-120, with the potential to meaningfully improve outcomes for patients with limited treatment options,” CrossBridge Bio CEO Michael Torres said in a statement.
Little else was shared about the buyout, which follows a slew of deals made by the GLP-1 giant. Fueled by its overflowing coffers tied to the success of blockbuster weight loss and diabetes drug tirzepatide, the Big Pharma has penned numerous pacts of late, including a $6.3 billion upfront acquisition of sleep disorder-focused Centessa Pharmaceuticals a few weeks ago.
The pharma is also working to bolster its AI offerings, recently inking a deal potentially worth up to $2.75 billion with Insilico Medicine to use the company’s machine learning platforms for oral drug development.
