Eli Lilly enters into USD 300m research partnership with Foghorn Therapeutics

Pharmaceutical firm Eli Lilly will pay USD 300m to collaborate with biotech company Foghorn Therapeutics on the development of novel oncology drugs. Another USD 80m will be given to Foghorn Therapeutics in the form of an equity investment by Eli Lilly.

Photo: Mike Segar/Reuters/Ritzau Scanpix

US-based pharmaceutical firm Eli Lilly has entered a strategic collaboration with biotech company Foghorn Therapeutics. Together, they will research new oncology targets, Eli Lilly announces in a press release.

Under the agreement, Eli Lilly pays an upfront fee of USD 300m and commits to an equity investment in Foghorn Therapeutics of USD 80m at USD 20 per share.

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