Magnet Biomedicine Enters into a Collaboration and License Agreement with Lilly to Discover and Develop Novel Molecular Glue Medicines

• Collaboration combines Magnet Biomedicine's rational approach to molecular glues and TrueGlue™ discovery platform with Lilly's deep expertise in developing small molecule therapeutics
  
  
• Company to receive up to $40 million in upfront, near-term payments, and an equity investment, and additional milestones potentially totaling more than $1.25 billion, and tiered royalties 

BOSTON, Feb. 28, 2025 /PRNewswire/ -- Magnet Biomedicine, a leading biopharmaceutical company advancing molecular glue discovery with rational selection and design, today announced 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," said Brian Safina, Ph.D., CEO of Magnet. "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."

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

About TrueGlue^™ discovery platform
Magnet's TrueGlue™ discovery platform utilizes state-of-the-art screening technologies, proprietary chemical libraries, and strategic selection of target and presenter proteins to rationally and systematically identify TrueGlues™. These small molecules induce proximity and promote cooperativity between proteins, enabling precise drug targeting to disease-relevant tissues and addressing historically difficult-to-drug proteins.

About Magnet Biomedicine
Magnet Biomedicine is a biotechnology company advancing molecular glue discovery with rational selection and design. Magnet is harnessing the vast untapped potential of TrueGlues to tackle multiple disease areas and biological mechanisms, including cancer, and immune disorders. For more information, visit magnetbio.com or follow us on LinkedIn and X, formerly known as Twitter.

Media contact: 
Peg Rusconi, Deerfield Group
[email protected] 

SOURCE Magnet Biomedicine