Magnet Biomedicine has signed a collaboration and license agreement with Eli Lilly and Company to discover, develop, and commercialize molecular glue therapeutics in oncology.

The collaboration will leverage Magnet's TrueGlue™ discovery platform to identify molecular glues capable of inducing protein proximity and cooperativity, enabling novel mechanisms of action to address difficult-to-drug targets spanning multiple diseases with unmet medical need.

"This collaboration supports our differentiated approach and efforts to reimagine what's achievable through the next generation of molecular glues to drive breakthrough therapies. Lilly's commitment to innovation and deep expertise in bringing transformative medicines to patients make it an ideal partner for Magnet as we harness the untapped potential of molecular glues," said Brian Safina, PhD, CEO of Magnet.

Under the terms of the agreement, Magnet will receive upfront, near-term payments and an equity investment of up to USD 40 million. Magnet is also eligible to receive a total of more than USD 1.25 billion in milestones upon achievement of certain development, regulatory, and commercial milestones, as well as tiered royalties on global net sales.