Eli Lilly and Company has agreed to acquire all outstanding shares of CrossBridge Bio for up to $300m in cash, comprising an upfront payment and a milestone payment tied to specified development progress.
The acquisition includes the lead candidate CBB-120, a dual-payload antibody-drug conjugate (ADC) developed to treat cancer.
The therapy is anticipated to have a US Food and Drug Administration (FDA) investigational new drug (IND) application this year.
Based in Houston and founded in 2023, CrossBridge Bio develops a dual-payload antibody drug conjugate (ADC) technology created by Kyoji Tsuchikama at the University of Texas Health Science Center at Houston.
The company’s lead asset, camptothecin-based bioconjugate-120 (CBB-120), combines a topoisomerase I (TOP1) inhibitor and an ataxia telangiectasia and rad3-related protein (ATR) inhibitor to target trophoblast cell surface antigen 2 (TROP2).
It aims to improve the therapeutic index and generate more durable responses in cancer patients compared to current TROP2-targeting ADCs, while addressing drug resistance mechanisms.
CrossBridge Bio co-founder and CEO Dr Michael Torres said: “This transaction will allow Lilly to advance our new generation of dual-payload antibody-drug conjugates, including CBB-120, with the potential to meaningfully improve outcomes for patients with limited treatment options.
“At CrossBridge Bio, we believe our dual-payload ADC platform is uniquely positioned to be transformative in oncology. I’m proud of how well our team has executed and advanced our platform in such a short time since the company’s founding.
“By becoming a part of Lilly, a leader in patient-focused therapeutic development, we are well-positioned to further accelerate the clinical potential of this approach.”
Cooley serves as legal counsel to CrossBridge Bio, and Zwick Advisory provides strategic advice to the company’s board of directors.
Investors backing CrossBridge Bio include Alexandria Venture Investments, CE-Ventures, Linden Lake Labs, Portal Innovations, and Texas Medical Center Venture Fund, along with support from the Cancer Prevention and Research Institute of Texas.
Earlier this month, the FDA approved Eli Lilly’s orforglipron pill for weight loss, which ended Novo Nordisk’s first-mover advantage in the US after three months.
