Benzinga | May 11, 2021 09:39AM EDT

Lilly, MiNA Ink Broad RNA Deal Worth $1.25B

* Eli Lilly and Company (NYSE: LLY) has struck a deal with MiNA Therapeutics to develop small activating RNA (saRNA) candidates against up to five targets across its key therapeutic focus areas.

* Lilly is paying $25 million upfront and committing to milestones of up to $245 million per target to work with MiNA.

* MiNA will also receive tiered royalties from the low-single to low-double digits on product sales resulting from the collaboration.

* Lilly is already active in the broader RNA space, having entered into deals with Avidity Biosciences, Dicerna Pharmaceuticals, and Evox Therapeutics.

* "Small activating RNAs are a promising new technology, which will expand the breadth of Lilly's RNA therapeutics platform and the targets we can pursue. We are excited about the potential of combining MiNA's leading saRNA platform and our expertise in new modalities to accelerate the development of RNA-based medicines in areas of high unmet medical need," Andrew Adams, VP for new therapeutic modalities at Lilly, said in a statement.

* Price Action: LLY shares are down 0.40% at $193.99 on the last check Tuesday.