ARTICLE | Deals
After three-target Lilly deal, Precision BioSciences hunting for more partnerships
With $135M up front, Lilly deal unlocks value from biotech’s ARCUS genome-editing tech
November 20, 2020 11:35 PM UTC
A deal with Lilly delivering $135 million up front will allow Precision BioSciences to derive immediate value from the in vivo gene correction application of its ARCUS platform, which has lagged its clinical pipeline of CAR T therapies based on the platform.
Eli Lilly and Co. (NYSE:LLY) will pay $100 million up front and make a $35 million equity investment in Precision BioSciences Inc. (NASDAQ:DTIL) to gain access to ARCUS, a non-CRISPR/Cas9 gene editing platform. The deal covers an application in Duchenne muscular dystrophy (DMD), plus two undisclosed targets. Precision is eligible for $420 million in milestones for each of the three programs, plus royalties, and Lilly may add up to three more targets to the deal...