Eli Lilly Bets $1.29 Billion on Novel Molecular Glue Therapeutics from Nobel Laureate-Founded Magnet Biomedicine

On February 28, in Boston, Magnet Biomedicine, a leading biopharmaceutical company advancing the discovery of molecular glues through rational selection and design, announced a collaboration and licensing agreement with Eli Lilly and Company to discover, develop, and commercialize novel molecular glue drugs for cancer treatment. The collaboration will leverage Magnet's TrueGlue™ discovery platform to identify molecular glues capable of inducing protein proximity and cooperativity, enabling new mechanisms of action to address difficult drug targets with unmet medical needs across multiple diseases. In September 2023, Magnet completed$50 million Series A financing round, co-led by founding and initial investors Newpath Partners and ARCH Venture Partners.（New Frontier! $50 Million Series A Financing to Develop Molecular Glue Drugs）

According to the terms of the agreement, Magnet will receive upfront, near-term payments and equity investments of up to $40 million. Magnet is also eligible to receive over $1.25 billion in milestone payments upon achieving certain development, regulatory, and commercial milestones, as well as tiered royalties on global net sales.

Dr. Brian Safina, CEO of Magnet Biomedicine, said:"This collaboration supports our differentiated approach and efforts to reconceptualizeThe goal to be achieved through the next generation of molecular glue to drive breakthroughsSexTherapy. Eli Lilly and Company is committed to innovation and has deep expertise in bringing transformative drugs to patients, making it an ideal partner for Magnet Biomedicine as we harness the untapped potential of molecular glue."

Benjamin Cravatt, David Spiegel, Michael Rosbash, Richa Saxena, and Stuart Schreiber

TrueGlues is a specialized small-molecule therapy that induces proximity between disease-related targets and "presenter" proteins, thereby generating new presenter-dependent biology.

Magnet Biomedicine is advancing precision medicine by designing molecular glues through system design, which can induce novel protein-protein interactions (PPIs) and unlock new biology. Magnet's TrueGlue™ platform enables the rational selection of protein pairs and systematic design of molecular glues to achieve unprecedented therapeutic goals.

Magnet's TrueGlue™ Discovery Platform Utilizes Cutting-Edge Screening Technologies, Proprietary Chemical Libraries, and Strategic Selection of Target Proteins and Presenting Proteins to Systematically Identify TrueGlues™. These Small Molecules Induce Proximity Between Proteins and Promote Synergistic Interactions, Enabling Drugs to Precisely Target Disease-Relevant Tissues and Address Historically Undruggable Proteins.

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