Lilly pays $35M up front to partner with Avidity on oligo conjugates

Lilly partnered with Avidity to develop antibody-oligonucleotide conjugates to treat immune diseases, with the biotech receiving $20 million up front and a $15 million investment.

Avidity Biosciences LLC (La Jolla, Calif.) is eligible to receive up to $405 million in milestones per target from Eli Lilly and Co. (NYSE:LLY), plus mid-single to low-double digit tiered royalties...