SHANGHAI, Jan. 17, 2022 /PRNewswire/ -- Abbisko Therapeutics Co., Ltd. ("Abbisko Therapeutics" hereafter), a subsidiary of Abbisko Cayman Limited (Stock Code: 2256.HK), today announced that it has entered into a worldwide collaboration and exclusive licensing agreement (the "Agreement") with Eli Lilly and Company ("Lilly") for the further discovery, development and potential commercialization of novel molecules against an undisclosed target for cardiometabolic diseases with critical unmet medical needs.

Under the terms of the Agreement, Abbisko Therapeutics will be responsible for the further discovery and development of molecules that modulate a novel and challenging drug target using its proprietary R&D platform. Lilly will join the effort by providing prior discovery information associated with this target as well as certain additional disease knowledge and expertise. If Abbisko Therapeutics is successful in advancing the compounds to the agreed upon endpoints, Lilly will have the right to further develop and commercialize the opportunity. If Lilly elects not to advance the compounds, Abbisko Therapeutics will then have the right to further develop and commercialize. The Agreement will allow each party the opportunity to fully leverage both parties' existing compounds, platform and technologies related to the target globally to maximize patient treatment choice.

"During the past five years, Abbisko Therapeutics has established a world-class discovery engine with a proprietary platform that has delivered ten drug candidates including four already in clinical trials," said Dr. Yao-Chang Xu, CEO of Abbisko Therapeutics. "We are excited to leverage this platform to collaborate with Lilly on this truly novel R&D collaboration to develop innovative medicines against a critical drug target. This collaboration could significantly expand our pipeline and strengthen our capabilities as we strive to bring novel therapies to patients and their families."

Abbisko Therapeutics is eligible to receive up to US$258 million in potential payments based on the achievement of prespecified preclinical, clinical development and commercial milestones, as well as tiered royalties on sales resulting from the Agreement if Lilly is responsible for clinical development and commercialization. If Abbisko Therapeutics is responsible for clinical development and commercialization, then Lilly would receive development and commercialmilestone payments, as well as tiered royalties on sales resulting from the Agreement. (Note)

Note: The payments to be paid or received by Abbisko Therapeutics are subject to achievement of relevant milestone events. There is no guarantee that such milestone events could be achieved.

SOURCE Abbisko