SHANGHAI, January 17, 2022 /PRNewswire/ — Abbisko Therapeutics Co., Ltd. (“Abbisko Therapeutics” hereinafter), a subsidiary of Abbisko Cayman Limited (stock code: 2256.HK), today announced that it has entered into a worldwide collaboration and exclusive license agreement (the “Agreement”) ) with Eli Lilly and Company (“Lilly”) for the discovery, development and potential commercialization of novel molecules against an undisclosed target for cardiometabolic diseases with critical unmet medical needs.
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 information on prior discoveries associated with this target as well as certain additional knowledge and expertise on the disease. If Abbisko Therapeutics is successful in advancing the compounds to the agreed endpoints, Lilly will have the right to continue development and commercialization of the opportunity. If Lilly chooses not to advance the compounds, then Abbisko Therapeutics will have the right to continue development and commercialization. The agreement will allow each party to fully leverage both parties’ existing compounds, platform and technologies related to the target globally to maximize patient treatment choice.
“Over the past five years, Abbisko Therapeutics has built a world-class discovery engine with a proprietary platform that has delivered ten drug candidates, including four already in clinical trials,” said Dr. Yao Chang Xu, CEO of Abbisko Therapeutics. “We are excited to leverage this platform to collaborate with Lilly on this truly groundbreaking R&D collaboration to develop innovative drugs against a critical drug target. This collaboration could significantly expand our pipeline and strengthen our capabilities as we strive to bring new therapies to patients and their patients. families.”
Abbisko Therapeutics can receive up to US$258 million in potential payments based on the achievement of pre-defined preclinical, clinical development and commercial milestones, as well as tiered royalties on sales resulting from the agreement if Lilly is responsible for clinical development and commercialization. If Abbisko Therapeutics is responsible for clinical development and commercialization, then Lilly would receive development and commercialization milestone payments, as well as tiered royalties on sales resulting from the agreement. (To note)
Note: Payments payable or receivable by Abbisko Therapeutics are subject to the achievement of relevant milestone events. There is no guarantee that these milestones can be achieved.