Eli Lilly in strategic relationship with Radionetics, pays $140M upfront

Radionetics Oncology announced the formation of a strategic relationship with Eli Lilly “to take forward” Radionetics’ proprietary G protein coupled receptor targeting small molecule radiopharmaceuticals. Under the terms of the agreement, Radionetics received a $140M upfront cash payment. As part of the strategic arrangement, Lilly obtained the exclusive right to acquire Radionetics upon conclusion of an exercise period for $1B. During the exercise period, Radionetics will continue to build out a proprietary pipeline of therapeutic assets. These will include small molecule radioligand therapeutics targeting GPCRs using the Radionetics proprietary discovery platform and associated intellectual property.