Lilly gains rights to Sitryx’s two most advanced immunometabolic programs in four-target deal

For its first pharma partnership, U.K.-based Sitryx is granting Lilly rights to its two most advanced immunometabolism programs in exchange for upfront cash and an equity investment totaling $60 million -- twice the amount of the biotech’s sole round of funding to date.

Eli Lilly and Co. (NYSE:LLY) gains exclusive, worldwide rights to four targets from Sitryx Therapeutics Ltd. as part of a five-year research collaboration under which the partners will seek to develop treatments for immunometabolic disorders. The deal includes $50 million in upfront cash, plus a $10 million equity investment; Sitryx also stands to gain up to $820 million in developmental milestones, plus commercial milestones and royalties...