A sign with the company’s logo outside Eli Lilly’s headquarters on March 17, 2024 in Indianapolis, Indiana.
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Eli Lilly and Company The company said on Monday it plans to acquire Scorpion Therapeutics’ experimental cancer treatments for up to $2.5 billion in cash to expand its cancer treatment pipeline.
The company will acquire Scorpion’s experimental oral therapy STX-478, which is currently in early-stage trials in breast cancer and other advanced solid tumors.
The therapy is a PI3K inhibitor that selectively targets a protein called PI3K.
“We look forward to leveraging the Scorpion team’s outstanding work to date and Eli Lilly’s deep expertise in breast cancer to further advance STX-478 with speed and focus,” said Jacob Van Naarden, president of Lilly Oncology.
The agreement includes an upfront payment and subsequent payments upon achievement of certain regulatory and sales milestones.
As part of the transaction, Scorpion will form a new entity to house its non-PI3K pipeline assets and employees. The new independent company will be owned by existing Scorpion shareholders, with Eli Lilly and Company holding a minority stake.
