Lycia’s first major deal deepens Lilly’s commitment to protein degraders

For its first significant partnership, targeted protein degradation company Lycia has picked Lilly as its collaborator to develop LYTACs against targets implicated in the pharma’s areas of focus.

Lycia Therapeutics Inc. and Eli Lilly and Co. (NYSE:LLY) will discover and develop lysosomal targeting chimera (LYTAC) therapeutics against up to five targets. Lycia, which gains $35 million up front, is eligible for more than $1.6 billion in milestones, plus royalties...