- The collaboration specifically focuses on the development, discovery and commercialization for potential new drugs.
- Under the terms of the agreement, Avidity would receive $20 million in upfront payment and a $15 million investment.
Eli Lilly and Company (Lilly), a renowned American pharmaceutical company, has reportedly announced that it has inked a collaboration agreement with biotech company Avidity Biosciences, to research & license new medicines.
Reports cite, the collaboration would specifically be focusing on the development, discovery and commercialization of potential new drugs in immunology as well as other select indications.
According to a press release by Eli Lilly and Company, the companies would be utilizing Avidity’s technological platform to progress their therapeutic approaches to commercialization & clinical development of their drugs. Under the terms of the agreement, Avidity is eligible to receive approximately $405 million for each target for the commercialization & development milestones along with royalties.
The Chief Scientific Officer, RNA therapeutics, Lilly, Andrew C. Adams, Ph.D., stated that the company is thrilled to expand its oligonucleotide research & development efforts with help from Avidity. Dr. Adams further added that Avidity’s expertise in studying a combination of oligonucleotide-based therapies & monoclonal antibodies represent a promising approach of research towards the development of new RNA-based medicines.
The Chief Business Officer at Avidity Biosciences, Kent Hawryluk stated that the collaboration with Lilly facilitates an exceptional opportunity to leverage the company’s proprietary AOC platform in an effort to generate new therapeutic targets across disease areas that have been considerably challenging to pursue through oligonucleotide-based approaches. Hawryluk further added that Lilly’s extensive regulatory, research & development & commercial capabilities makes the firm an ideal partner and the company looks forward to a long & productive partnership.
According to reports, under the terms of the agreement, Avidity would initially be receiving $20 million in upfront payment and a $15 million investment.