Lilly, BioNTech in immuno-oncology research deal

Eli Lilly and Co. (NYSE:LLY) and BioNTech AG (Mainz, Germany) announced a research collaboration to investigate new cancer immunotherapies. The companies will attempt to identify tumor targets and their corresponding T cell receptors in order to develop selective cancer therapies.

BioNTech will receive a $30 million signing fee and Lilly will make a $30 million equity investment in BioNTech subsidiary Cell & Gene Therapies GmbH. BioNTech is also eligible for more than $300 million in milestones for each candidate, as well as tiered royalties. ...