Eli Lilly to Acquire CrossBridge Bio for Up to $300 Million
Eli Lilly will acquire CrossBridge Bio for up to $300 million as it expands its ADC pipeline alongside investments in AI-driven drug discovery.
Eli Lilly and Company has entered a definitive agreement to acquire CrossBridge Bio, a company developing antibody-drug conjugates (ADCs), for up to $300 million in upfront and milestone payments.
The deal comes as Lilly expands its oncology pipeline through acquisitions alongside broader investments in artificial intelligence-driven drug discovery, including a recent collaboration with Insilico Medicine focused on machine learning-based development of new therapies.
Founded in 2023, CrossBridge Bio is advancing a dual-payload ADC platform designed to deliver two cancer therapies through a single antibody. Its lead program, CBB-120, targets TROP2, a protein commonly expressed in solid tumors including breast and lung cancer.
CBB-120 combines a Topoisomerase I inhibitor and an ATR inhibitor and is expected to enter clinical development, with an investigational new drug application planned for 2026. The platform was originally developed at the University of Texas Health Science Center at Houston.
“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,” said Michael Torres, Co-Founder and CEO of CrossBridge Bio, in a company statement.
The acquisition adds to Lilly’s ongoing investment in ADCs, a class of targeted cancer therapies that link antibodies to cytotoxic drugs. The company has pursued multiple deals in the space in recent years as it adds to its oncology pipeline through acquisitions.
CrossBridge Bio’s platform uses a dual-payload design, which aims to address tumor resistance and improve treatment durability compared to single-payload ADCs. The company’s technology enables the stable attachment of two therapeutic agents to a single antibody.
The company has received backing from investors including the Texas Medical Center Venture Fund, Portal Innovations, and Linden Lake Labs. It also received a $15 million grant from the Cancer Prevention and Research Institute of Texas.
Linden Lake Labs, which participated in CrossBridge Bio’s seed financing round in November 2024, said the acquisition reflects progress in advancing early-stage therapeutic platforms toward clinical development.
Lilly has also announced a $6.5 billion investment in a manufacturing facility in Houston, which is expected to produce medicines, including oral therapies for metabolic diseases (Houston.org).
The CrossBridge Bio acquisition adds a preclinical platform and lead oncology candidate as Lilly continues to build its oncology portfolio through internal development, partnerships, and acquisitions.