Eli Lilly to Buy Pre-Clinical Biotech CrossBridge for Up to $300 Million

Published: 2026-04-14 10:53:19 ET LLY

Published on 04/14/2026 at 10:53 am EDT

By Colin Kellaher

Eli Lilly has agreed to pay up to $300 million for pre-clinical biotechnology company CrossBridge Bio in a deal that bolsters the drugmaker's cancer pipeline.

The purchase price includes an undisclosed upfront payment, along with a potential milestone payment, CrossBridge said Tuesday.

Houston-based CrossBridge is developing dual-payload antibody-drug conjugates, or ADCs, with its lead candidate expected to enter clinical studies later this year.

ADCs work like guided missiles by pairing antibodies with toxic agents and helping deliver chemotherapy directly to tumors.

Eli Lilly in January won U.S. Food and Drug Administration breakthrough-therapy designation for its sofetabart mipitecan ADC drug candidate for certain patients with ovarian cancer.

The Indianapolis company last year announced plans to build a $5 billion manufacturing plant in Virginia where it will increase its domestic production of ADCs.

Write to Colin Kellaher at [email protected]

(END) Dow Jones Newswires

04-14-26 1052ET