INDIANAPOLIS (dpa-AFX) - Eli Lilly and Company (LLY) on Monday said it has agreed to buy Scorpion Therapeutics' experimental cancer therapy PI3K? inhibitor program STX-478 for up to $2.5 billion in cash.
STX-478 is a once-daily oral, mutant-selective PI3K? inhibitor currently being evaluated in a Phase 1/2 clinical trial for breast cancer and other advanced solid tumors.
STX-478 could represent the next generation of PI3K? targeting agents by selectively targeting the pathway in cancerous but not healthy cells, thus overcoming a key limitation of currently available medicines that target the PI3K? pathway. This approach could potentially offer better disease control through deeper pathway inhibition, as well as improved tolerability.
Under the terms of the agreement, Lilly will acquire Scorpion and Scorpion shareholders could receive up to $2.5 billion in cash, inclusive of an upfront payment and subsequent payments upon achievement of certain regulatory and sales milestones.
Additionally, as part of the transaction, Scorpion will spin out a new entity to hold its employees and non-PI3K? pipeline assets. The new, independent company would be owned by Scorpion's current shareholders with Lilly holding a minority equity interest.
The new company will be led by Dr. Friedman and members of the current Scorpion management team and will focus on discovering and delivering a portfolio of precision medicines to patients, accelerated by Scorpion's discovery capabilities and non-PI3K? pipeline of medicines.
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