Eli Lilly will buy AurKa Pharma in a deal potentially worth up to $575 million, the U.S. drugmaker said on Monday, seeking access to the privately held firm’s experimental cancer treatment for solid tumors.
The deal will be Lilly’s second in less than a week which aims to broaden its portfolio of lucrative cancer drugs. On Thursday, Lilly said the item would certainly buy Armo BioSciences for about $1.6 billion.
AurKa Pharma will receive $110 million upfront as well as will be eligible to earn up to $465 million more if the item achieves regulatory as well as sales milestones.
AurKa’s chief drug under development was discovered by Lilly, nevertheless the drugmaker sold the compound in 2016 to TVM Capital Life Science, which established AurKa.
The drug, AK-01, will be being studied in early-stage trials to treat multiple types of solid tumors.