Shots:

• Lycia to receive $35M up front and is also eligible to receive an additional ~$1.6B upon the achievement of milestones along with royalties on sales of the product emerges from the collaboration
• Lilly will be responsible for the pre/clinical development of the product and also gets an exclusive global license to commercialize the product
• The collaboration will utilize Lycia's LYTAC platform to develop novel degraders for up to five targets to address unmet medical needs in immunology and pain

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