ABL Bio enters license deal with Lilly

South Korean clinical-stage biotech ABL Bio (Kosdaq: 298380) has entered license, research and collaboration agreement with US pharma major Eli Lilly (NYSE: LLY) for the development of therapeutics by utilizing ABL Bio’s Grabody Platform.

ABL Bio and Lilly will collaborate to develop multiple therapeutics across modalities & therapeutic areas utilizing the Grabody Platform.

Under the terms of the agreement, ABL Bio will receive an upfront payment of $40 million within 10 days following the completion of the administrative procedures under the Hart–Scott–Rodino Antitrust Improvements Act (HSR Act). In addition to the upfront payment, ABL Bio is eligible to receive up to $2.562 billion in development, regulatory, and commercial milestone payments as well as tiered royalties on net sales.