Fenwick represented Lycia Therapeutics, Inc., a biotechnology company using its proprietary lysosomal targeting chimeras (LYTACs) platform to discover and develop first-in-class therapeutics, in a multi-year research collaboration and licensing agreement with Eli Lilly and Company (NYSE: LLY), a global healthcare leader.
Under the terms of the agreement, the companies will utilize Lycia’s LYTAC platform to discover and develop novel degraders for up to five targets that aim to address key unmet medical needs in Lilly’s therapeutic areas of focus, including immunology and pain.
Lycia will receive an upfront payment of $35 million. The company is also eligible to receive over $1.6 billion in potential milestone payments based on the achievement of prespecified preclinical, development and commercial milestones, as well as tiered royalties from mid-single to low double-digits on sales resulting from the agreement.
More information about the collaboration can be obtained from Lycia’s announcement.
The Fenwick team included life sciences partners Stefano Quintini and Jake Handy, and senior associate Glenn Foulds.