Eli Lilly is acquiring cancer-focused biotech CrossBridge Bio in a transaction announced Tuesday. The deal could be worth up to $300 million, according to the companies. This move expands Lilly's oncology pipeline with CrossBridge's antibody-drug conjugate technology.
CrossBridge Bio is a startup founded by biotech entrepreneur Michael Torres, a PhD biologist with prior startup experience. The firm specializes in developing antibody-drug conjugates, a class of targeted cancer therapies that deliver cytotoxic drugs directly to tumor cells. Such acquisitions are common as large pharmaceutical companies seek to bolster their research portfolios.