Eli Lilly & Co. on Wednesday said it signed a multi-year research collaboration and licensing agreement with Lycia Therapeutics Inc. aimed at developing novel targeted therapeutics using Lycia's proprietary lysosomal targeting chimera protein degradation technology.
The Indianapolis drugmaker said the companies will use Lycia's platform to discover and develop novel degraders for up to five targets that aim to address key unmet medical needs in Lilly's therapeutic areas of focus, including immunology and pain.
Eli Lilly said it will make a $35 million upfront payment to Lycia, which also will be eligible for more than $1.6 billion in potential milestone payments, along with royalties on sales.
In connection with the agreement, Eli Lilly said Carolyn Bertozzi, a director since 2017 and an academic founder of Lycia, has resigned from the Lilly board.
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