JHVEPhoto/iStock Editorial via Getty Images Privately held biotech Aktis Oncology announced Tuesday a collaboration agreement with Eli Lilly ( NYSE: LLY ) to develop cancer-targeting radiopharmaceutical drugs in a deal worth up to $1.1B in terms of milestone payments alone. As part of the collaboration, the Indiana-based drugmaker will leverage Aktis’ radiopharmaceutical platform for radiopharmaceutical drug development and commercialization focused on solid tumors.
Per the terms, Boston, Massachusetts-based Aktis will receive a $60M upfront payment, an equity investment from Eli Lilly ( LLY ), in addition to potential milestone payments worth up to $1.1B. “We are pleased to partner with Lilly in efforts to increase the number of patients that can derive meaningful clinical benefit from targeted radiopharmaceuticals,” said Matthew Roden, CEO of Aktis.
The deal comes at a time when the radipharma space is drawing the attention of big pharma. Lilly ( LLY ) itself closed its acquisition of radiopharma developer Point Biopharma for $1.4B in cash in December.
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