Eli Lilly and Company (NYSE: LLY) and La Jolla, CA-based Avidity Biosciences, Inc., signed a global licensing and research collaboration focused on the discovery, development and commercialization of potential new medicines in immunology and other select indications.
Under the terms of the agreement, subject to clearance under customary closing conditions, Avidity will receive an upfront payment of $20m, as well as an investment of $15m. It is also eligible to receive up to approximately $405m per target for development, regulatory and commercialization milestones, as well as tiered royalties ranging from the mid-single to low-double digits on product sales.
The companies will use Avidity’s technology platform to progress new therapeutic approaches toward clinical development and commercialization. Avidity’s platform seeks to combine the tissue selectivity of monoclonal antibodies and the precision of oligonucleotide-based therapeutics to potentially overcome barriers to the delivery of oligonucleotides and target genetic drivers of disease.
Avidity Biosciences is a biotech company pioneering Antibody Oligonucleotide Conjugates (AOC™). AOCs combine the tissue selectivity of monoclonal antibodies and the precision of oligonucleotide-based therapeutics to overcome barriers to the delivery of oligonucleotides and target genetic drivers of disease. The company has raised $30m in venture financing from Takeda Ventures, Alethea Capital, Alexandria Real Estate Equities, Brace Pharma, EcoR1 Capital, F-Prime Capital, Moore Venture Partners, and Boxer Capital of Tavistock Group.