Lilly, ProQR To Expand Licensing And Collaboration Deal For New Genetic Medicines

(RTTNews) - Drug maker Eli Lilly and Co. (LLY) announced Thursday that it is expanding its licensing and collaboration agreement with ProQR Therapeutics N.V. (PRQR) focused on the discovery, development and commercialization of new genetic medicines.

In pre-market activity on Nasdaq, ProQR Therapeutics shares were gaining around 27 percent to trade at $2.09.

Lilly said the new agreement supports the discovery and development of additional assets directed toward high conviction targets utilizing ProQR's Axiomer technology.

It was in September 2021 that both companies announced their collaboration, which applied ProQR's proprietary Axiomer RNA editing platform to target disorders of the liver and nervous system.

Under the new deal terms, Lilly will gain access to additional targets in the central nervous system and peripheral nervous system with ProQR's Axiomer platform. ProQR will receive $75 million consisting of an upfront payment, as well as an equity investment.

Lilly will have the ability to exercise an option to further expand the partnership for a consideration of $50 million. In addition, Lilly can elect to provide ProQR with access to the company's proprietary delivery technology for its wholly owned pipeline.

Based on its initial agreement and its expansion, ProQR in total is eligible to receive up to around $3.75 billion in research, development and commercialization milestones, as well as tiered royalties of up to mid-single digit percentage on product sales.

Daniel de Boer, founder and CEO of ProQR, said, "Our original collaboration with Lilly, which leverages our Axiomer RNA editing technology platform, continues to progress well and we are pleased to be expanding our partnership to include additional targets, along with an option for Lilly to opt in for more."

For More Such Health News, visit rttnews.com