3:32 AM
 | 
Apr 22, 2019
 |  BC Extra  |  Company News

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

Editor's Note: This article was updated on Apr 22, 2019 at 1:24 PM PDT

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.

Avidity CBO Kent Hawryluk declined to disclose the number of targets or specific indications, but told BioCentury the collaboration won't overlap with the biotech's internal work in muscle...

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