Eli Lilly Partners with Magnet Biomedicine in $1.25B Molecular Glue Deal

Eli Lilly and Magnet Biomedicine have entered into a collaboration and licensing agreement to discover and develop molecular glue medicines14.

The deal is potentially worth up to $1.25 billion, with Magnet receiving up to $40 million in upfront, near-term payments, and an equity investment14.

Magnet is eligible for over $1.25 billion in tiered royalties and milestone payments if certain development, regulatory, and commercial goals are met14.

The collaboration will focus on oncology applications, using Magnet's TrueGlue platform to discover new molecular glues14.

Molecular glues are designed to bring targeted proteins together and induce them to interact, often used to condemn disease-causing proteins to destruction1.

This deal adds Eli Lilly to the growing list of pharmaceutical companies investing in molecular glue technology, including AbbVie, Novo Nordisk, Biogen, Novartis, Pfizer, and Takeda4.

The partnership aims to develop breakthrough therapies by harnessing the untapped potential of molecular glues1.

Magnet's TrueGlue technology uses state-of-the-art screening and an extensive proprietary library to discover small-molecule drug candidates4.

The collaboration will span multiple diseases with unmet medical needs, though specific targets and therapeutic areas were not disclosed4.

This deal represents Eli Lilly's continued interest in molecular glue technology, following earlier collaborations with other companies in the field1.

Sources:

1. https://www.fiercebiotech.com/biotech/eli-lilly-feels-magnets-pull-molecular-glue-deal-worth-more-165b

4. https://www.biospace.com/business/lilly-hops-on-hot-molecular-glue-train-with-1-6b-magnet-deal