Eli Lilly and Company announced a definitive agreement to acquire Ajax Therapeutics, Inc. in a deal valued at up to $2.3 billion, including upfront and milestone-based payments, to expand its oncology pipeline focused on myeloproliferative neoplasms.
The acquisition centers on Ajax’s lead candidate, AJ1-11095, a first-in-class, once-daily oral Type II JAK2 inhibitor currently in Phase 1 clinical development. The therapy is being evaluated for patients with myelofibrosis who have previously been treated with Type I JAK2 inhibitors, with proof-of-concept clinical data expected later in 2026.
AJ1-11095 is designed to address limitations of existing JAK2 inhibitors, which bind to the Type I conformation of the JAK2 protein and often lose effectiveness over time. By targeting the Type II conformation, the investigational therapy aims to deliver deeper and more durable disease control, potentially offering a new treatment option for patients who develop resistance to current therapies.
The transaction builds on Lilly’s established capabilities in hematologic cancers and reflects its strategy to advance innovative therapies for patients with significant unmet medical needs. Following the acquisition, Lilly plans to accelerate the development of AJ1-11095, including advancing it into registrational clinical trials.
Ajax Therapeutics was founded to develop next-generation JAK inhibitors using advanced structural biology insights and computational drug discovery technologies. The company’s approach integrates scientific expertise with platform-based innovation to design more selective and potent therapies for blood cancers.
Under the terms of the agreement, Lilly will acquire all outstanding shares of Ajax, with total consideration contingent on the achievement of specified clinical and regulatory milestones. The transaction is subject to customary closing conditions, including regulatory approval.
Advisors to the transaction include Ropes & Gray LLP as legal counsel to Lilly, and Cooley LLP and Kirkland & Ellis LLP as legal advisors to Ajax.
KEY QUOTES:
“As a founding strategic investor in Ajax, Lilly has long believed in the approach and is excited about the potential for AJ1-11095 to deliver deeper and more durable efficacy than available treatments with a tolerability profile that would allow for patients to remain on therapy longer and be used across both the first- and second-line settings. We look forward to the presentation of clinical proof-of-concept data later in 2026, rapidly advancing AJ1-11095 into registrational clinical trials, and using our expertise in blood cancer to hopefully deliver another important new medicine to patients and hematologists.”
Jacob Van Naarden, Executive Vice President And President Of Lilly Oncology And Head Of Corporate Business Development, Eli Lilly and Company
“We started Ajax to build on the work of its five scientific founders, including Ross Levine, MD, chief scientific officer at Memorial Sloan Kettering Cancer Center and chair of Ajax’s scientific advisory board, who sought to develop a novel class of selective and more potent JAK2 inhibitors to address the significant unmet need of patients with MPNs. With a small but highly motivated team, we have successfully applied this work to the design and development of our highly selective, first-in-class Type II JAK2 inhibitor, AJ1-11095. We now look forward to Lilly advancing AJ1-11095 through the clinic and providing a much-needed new therapy for patients with MPNs. It has been an honor working with our employees and scientific advisors and we’re grateful to our clinical investigators, and most importantly, the patients who have participated in our ongoing Phase 1 study, AJX-101.”
Martin Vogelbaum, Co-Founder And Chief Executive Officer, Ajax Therapeutics
