Benzinga | Apr 7, 2021 07:32AM EDT

Rigel Announces Closing Of Strategic Collaboration With Lilly; Says Agreement Is Effective As Of Mar. 27, Rigel Has Received $125M Upfront Payment

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) today announced the successful closing of its license agreement with Eli Lilly and Company (Lilly), following the expiration of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976. Rigel and Lilly entered a global exclusive license agreement and strategic collaboration to co-develop and commercialize Rigel's R552, a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor, for all indications including autoimmune and inflammatory diseases. Pursuant to the collaboration, Lilly will also lead all clinical development of penetrating RIPK1 inhibitors in central nervous system (CNS) diseases.

The agreement is effective as of March 27, 2021 and Rigel has received the $125 million upfront cash payment due under the terms of the agreement from Lilly. Additional details about the collaboration can be found in Rigel's Form 8-K filed with the Securities and Exchange Commission on February 18, 2021.