Benzinga | Jan 18, 2022 06:36AM EST

Abbisko, Lilly Ink Licensing Pact For Cardiometabolic Diseases

Abbisko Therapeutics has entered into a worldwide collaboration and exclusive licensing agreement with Eli Lilly And Co (NYSE:LLY) for novel molecules against an undisclosed target for cardiometabolic diseases.

* Under the terms of the Agreement, Abbisko Therapeutics will be responsible for the further discovery and development of molecules that modulate a novel and challenging drug target using its proprietary R&D platform.

* Lilly will join the effort by providing preliminary discovery information associated with this target and certain additional disease knowledge and expertise.

* If Abbisko Therapeutics successfully advances the compounds to the agreed-upon endpoints, Lilly will have the right to develop and commercialize the opportunity.

* The agreement will allow each party to fully leverage both parties' existing compounds, platforms, and technologies.

* Abbisko Therapeutics can receive up to $258 million in potential payments based on the achievement of pre-specified milestones and tiered sales-based royalties.

* Price Action: LLY shares closed at $244.12 on Friday.