Tuesday, July 02, 2024
Radionetics Oncology, a biotechnology company focused on developing innovative small molecule radiopharmaceuticals for targeting G protein-coupled receptors (GPCRs) to treat solid tumors, has announced a strategic partnership with Eli Lilly and Company. The collaboration includes an upfront cash payment of $140 million to Radionetics. Under the terms, Lilly gains exclusive rights to potentially acquire Radionetics for $1 billion after an exercise period, during which Radionetics will continue developing its pipeline of therapeutic assets. These assets consist of small molecule radioligand therapies targeting GPCRs using Radionetics' proprietary discovery platform and intellectual property.
Radionetics Oncology, expressed enthusiasm about the partnership with Lilly, highlighting Lilly's global development capabilities and oncology expertise, particularly in radiopharmaceuticals following its acquisition of POINT Biopharma.
Lilly Oncology, emphasized the strategic importance of the collaboration in advancing radiopharmaceutical therapies and accessing new GPCR targets through Radionetics Oncology's research capabilities.
Radionetics, underscored the company's unique approach in combining the potency of radiopharmaceuticals with precise small molecule targeting of novel GPCRs, aimed at rapidly advancing promising therapeutic programs for patient benefit.
Legal counsel for Radionetics is provided by Cooley LLP, while Ropes & Gray LLP serves as legal advisor to Lilly in this strategic partnership.
Source: businesswire.com
