BioPharma Dive January 13, 2025
The pharmaceutical company will spend up to $2.5 billion to acquire an experimental PI3K inhibitor from Scorpion, which will spin out a new company.
Eli Lilly has turned to a biotechnology startup for help building its pipeline of cancer drugs, agreeing on Monday to purchase an experimental cancer drug from privately held Scorpion Therapeutics for as much as $2.5 billion.
As part of the deal, Scorpion will spin out a new, independent company that will hold its other assets as well as inherit its employees. Lilly will take a minority stake in the new company, which will be owned by Scorpion’s current shareholders, among them Atlas Venture, Vida Ventures and Omega Funds.
Current Scorpion CEO Adam Friedman will lead the...
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