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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Ridhi is an avid secondary researcher who follows trends in the biopharmaceutical and healthcare sectors to curate engaging content for the global audience. She works as a news editor at PharmaShots and loves to read books and explore new destinations.
