Radionetics Oncology, Lilly form strategic partnership

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Biotech firm Radionetics Oncology announced that it has entered a strategic partnership with Eli Lilly for access to Radionetics' proprietary G protein-coupled receptor (GPCR)-targeted small molecule radiopharmaceuticals for solid tumor treatment.

Under the terms of the arrangement, Radionetics receives a $140 million upfront cash payment from Lilly for access to its therapeutics. In addition, the agreement gives Lilly the exclusive option to acquire Radionetics for $1 billion upon conclusion of an exercise period, during which Radionetics will continue to build out its pipeline of therapeutics, including small molecule radioligand therapeutics that target GPCRs using Radionetics' proprietary discovery platform.

In a statement, Radionetics noted that it focuses on therapies for the treatment of a broad range of cancers, including breast cancer, lung cancer, and others for which there is a high unmet need.

Cooley LLP is acting as legal adviser to Radionetics in the transaction; Ropes & Gray LLP is acting as Lilly's legal adviser.        

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