Magnet Biomedicine Partners with Eli Lilly to Advance Molecular Glue Therapeutics in Oncology

Shots:

• Magnet Biomedicine & Eli Lilly have entered into a collaboration & license agreement to identify, develop & commercialize molecular glue therapeutics in oncology using Magnet’s TrueGlue discovery platform
• As per the deal, Magnet will get ~$40M in upfront, near-term payments & equity, plus more than $1.25B in milestones across development, regulatory, & commercial stages as well as tiered royalties on global sales
• Magnet’s TrueGlue platform uses advanced screening, proprietary chemical libraries, & strategic protein selection to identify TrueGlues (small molecule) that allows precise targeting of disease-relevant tissues & hard-to-drug proteins

Ref: Prnewswire | Image: Magnet Biomedicine & Eli Lilly

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