Radionetics Oncology Enters Into Strategic Agreement With Lilly
2024年7月1日 - 11:00PM
ビジネスワイヤ(英語)
Provides Lilly access to Radionetics’ proprietary GPCR targeting
small molecule radiopharmaceuticals
Radionetics to receive $140 million upfront payment
Lilly obtains the exclusive right to acquire Radionetics for $1
billion
Radionetics Oncology, a biotechnology company discovering and
developing novel small molecule G protein coupled receptor (GPCR)
targeted radiopharmaceuticals to treat a broad range of solid
tumors, announced today the formation of a strategic relationship
with Eli Lilly and Company to take forward Radionetics’ proprietary
GPCR targeting small molecule radiopharmaceuticals.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240628237510/en/
Paul Grayson, CEO of Radionetics Oncology
(Photo: Business Wire)
Under the terms of the agreement, Radionetics received a $140
million upfront cash payment. As part of the strategic arrangement,
Lilly obtained the exclusive right to acquire Radionetics upon
conclusion of an exercise period for $1 billion. During the
exercise period, Radionetics will continue to build out a
proprietary pipeline of therapeutic assets. These will include
small molecule radioligand therapeutics targeting GPCRs using the
Radionetics proprietary discovery platform and associated
intellectual property.
"We are fortunate to have entered into an agreement with Lilly
given its global development capability, oncology expertise, and
the radiopharmaceutical experience and capabilities Lilly is
building following the acquisition of POINT Biopharma," said Paul
Grayson, CEO of Radionetics Oncology.
"Furthering our commitment to radiopharmaceutical therapies,
this relationship provides access to novel GPCR targets and the
discovery capabilities of Radionetics Oncology," said Jacob Van
Naarden, Executive Vice President and President, Lilly
Oncology.
“Our platform uniquely pairs the power of radiopharmaceuticals
with the precision of small molecule targeting to novel GPCRs. We
have a specialized team that is focused on rapidly advancing each
of our promising programs to bring these much-needed new therapies
to patients,” said Brett Ewald, Chief Operating Officer.
Cooley LLP is acting as legal advisor to Radionetics. Ropes
& Gray LLP is acting as legal advisor to Lilly.
About Radionetics Oncology
Radionetics Oncology, Inc. is a clinical stage company focused
on the discovery and development of novel radiopharmaceuticals for
the treatment of a wide range of oncology indications and is poised
to capitalize on the increasing demand for novel radiotherapeutics.
Radionetics Oncology is supported by Frazier Life Sciences, 5AM
Ventures, DCVC Bio, Crinetics Pharmaceuticals, and GordonMD Global
Investments. Radionetics is advancing a pipeline of novel small
molecule radioligands targeting G protein coupled receptors for the
treatment of a broad range of cancers, including breast cancer,
lung cancer, and other indications of high unmet need.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240628237510/en/
Brett Ewald, Ph.D. Chief Operating Officer Radionetics Oncology,
Inc. pr@radionetics.com