CrossBridge Bio announced it has entered into a definitive agreement to be acquired by Eli Lilly and Company, with total potential consideration of up to $300 million in cash, including an upfront payment and a milestone-based payment tied to development progress.
The acquisition is aimed at advancing CrossBridge Bio’s next-generation dual-payload antibody-drug conjugate platform, which is designed to deliver more effective and durable cancer treatments by combining multiple therapeutic mechanisms into a single targeted therapy.
Founded in 2023 and based in Houston, CrossBridge Bio is developing a novel dual-payload ADC technology originally created by Kyoji Tsuchikama at the University of Texas Health Science Center at Houston. The company’s approach focuses on improving therapeutic outcomes by addressing resistance mechanisms and enhancing the overall efficacy of targeted cancer therapies.
Its lead candidate, CBB-120, is a TROP2-targeting ADC that combines a Topoisomerase I inhibitor and an ATR inhibitor into a single therapy. The treatment is designed to improve the therapeutic index and deliver more sustained responses compared to existing TROP2-targeting ADCs. The company anticipates submitting an Investigational New Drug application to the U.S. Food and Drug Administration in 2026.
The transaction provides Eli Lilly with access to an innovative dual-payload platform that could support the development of differentiated oncology treatments. By integrating CrossBridge Bio’s technology, Lilly aims to expand its oncology pipeline and accelerate the clinical development of these next-generation therapeutics.
CrossBridge Bio has been backed by a group of investors including the Texas Medical Center Venture Fund, CE-Ventures, Alexandria Venture Investments, Portal Innovations, and Linden Lake Labs, along with non-dilutive funding from the Cancer Prevention and Research Institute of Texas.
Support: Advisors on the transaction include Cooley LLP as legal counsel to CrossBridge Bio and Zwick Advisory as strategic advisor to its board of directors.
KEY QUOTE:
“We look forward to seeing how Lilly advances our new generation of dual-payload antibody-drug conjugates, including CBB-120, with the potential to meaningfully improve outcomes for patients with limited treatment options. At CrossBridge Bio, we believe our dual-payload ADC platform is uniquely positioned to be transformative in oncology. I’m proud of how well our team has executed and advanced our platform in such a short time since the company’s founding. By becoming a part of Lilly, a leader in patient-focused therapeutic development, we are well-positioned to further accelerate the clinical potential of this approach,”
Dr. Michael Torres, Co-Founder and CEO, CrossBridge Bio
