INDIANAPOLIS (dpa-AFX) - Drugmaker Eli Lilly and Co. (LLY), announced on Monday that it has expanded its collaboration and license agreement with biotechnology firm Gate Bioscience to discover and develop molecular gate therapeutics, adding one new target with the option for a second.
Under the multi-year deal, Gate will receive an upfront payment, research funding and milestone-based payments that could bring the total value above $870 million. Lilly will gain exclusive worldwide rights to research, develop and commercialize products arising from the collaboration.
Gate will lead discovery efforts using its Molecular Gate platform, while Lilly will handle later-stage pre-clinical, clinical, manufacturing and commercialization. Molecular gates are small molecule drugs designed to eliminate disease-causing proteins by blocking their progress through the Sec61 secretory channel.
On the NYSE, shares of Eli Lilly and Co. are currently gaining 1.31 percent, changing hands at $1,157.84.
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