Eli Lilly has partnered with Radionetics Oncology in a $140m deal, as the drugmaker aims to get a leg up in the burgeoning radiopharmaceuticals arena. In addition to the upfront payment, the agreement also gives Eli Lilly the exclusive option to buy the radiopharmaceutical specialist for $1bn once the exercise period finishes, as per a 1 July press release. Radionetics, which spun off from Crinetics in 2021, focuses on developing small molecule G protein-coupled receptor (GPCR)-targeted drugs.
The biotech said it will continue to advance its pipeline of radioligands during the exercise period using its platform which consists of small molecules tethered to radioisotopes. The resulting candidates are designed to bind to receptors overexpressed in certain cancers. Radionetics, which has raised a total of $82.
5m in venture financing, has a single candidate in clinical trials, Ga-R8760. The radioligand is being evaluated in a Phase I trial (NCT05999292) in patients diagnosed with adrenocortical carcinoma. However, in a statement announcing the first patient being dosed in the trial, the biotech said it plans to have three clinical programmes underway by 2024.
The deal marks the latest push by Eli Lilly into the radiopharmaceuticals space. The company spent $1.4bn to in October 2023, gaining two late-stage clinical programmes and an 180,000 ft radiopharmaceutical manufacturing plant in the US.
This was then consolidated by Eli Lilly’s in May this year. The deal included a $60m u.
