Lilly Invests $50M+ in UK-Based Pharma Company
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Eli Lilly and Co. NYSE: LLY) has announced an exclusive global licensing and research collaboration with Sitryx, an England-based biopharmaceutical company that was started just two years ago.
Together they will develop new immunometabolic medicines.
Lilly says the collaboration will study up to four novel preclinical targets Sitryx that could lead to potential new medicines for autoimmune diseases.
“Regulating the metabolism of immune cells is a promising approach to treating these diseases, and we look forward to working with the talented researchers at Sitryx to advance their novel immunometabolism targets,” said Ajay Nirula, M.D., vice president of immunology at Lilly.
Sitryx will receive an upfront payment of $50 million. Lilly will also make a $10 million equity investment in the company.
The young pharmaceutical company was founded in 2018 with seeding funding and raised $30 million in Series A funding.
Lilly says Sitryx will also be eligible to receive up to $820 million by hitting development milestones.