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Eli Lilly has acquired Engage Biologics for up to $202 million in cash.
Eli Lilly acquired Engage Biologics for up to $202 million in cash.
KEY POINTS
The deal involves an upfront payment and additional milestone-dependent payments.
Engage Biologics is developing a new DNA delivery system to address potency and tolerability issues.
This acquisition adds to Lilly's series of biotechnology company purchases in 2024.
By Elias Schisgall
Eli Lilly has acquired Engage Biologics, a preclinical biotechnology company developing a novel DNA delivery system, for up to $202 million in cash.
The pharmaceutical company's financing for the acquisition includes an upfront payment, as well as subsequent payments based on development milestones, Engage said Wednesday.
Engage's DNA delivery system being developed to overcome potency, tolerability, and redosability obstacles in existing DNA delivery methods, the company said.
"We are excited to begin our next chapter with Lilly, which has demonstrated unmatched speed and a uniquely forward-thinking approach to genetic medicine," Engage Chief Executive Will Olsen said. "We believe that the combination of Engage's platform with Lilly's significant capabilities will meaningfully accelerate development of new genetic therapies."
The purchase of Engage adds to a string of acquisitions by Lilly this year. The company's recent purchases include multibillion-dollar acquisitions of Ajax Therapeutics, Kelonia Therapeutics, Centessa Pharmaceuticals and Orna Therapeutics.
Write to Elias Schisgall at [email protected]
(END) Dow Jones Newswires
05-20-26 1024ET