Abbisko Therapeutics has entered into a worldwide collaboration and exclusive licensing agreement with Eli Lilly And Co (NYSE: LLY) for novel molecules against an undisclosed target for cardiometabolic diseases.

• Under the terms of the Agreement, Abbisko Therapeutics will be responsible for the further discovery and development of molecules that modulate a novel and challenging drug target using its proprietary R&D platform.

• Lilly will join the effort by providing preliminary discovery information associated with this target and certain additional disease knowledge and expertise.

• If Abbisko Therapeutics successfully advances the compounds to the agreed-upon endpoints, Lilly will have the right to develop and commercialize the opportunity.

• The agreement will allow each party to fully leverage both parties' existing compounds, platforms, and technologies.

• Abbisko Therapeutics can receive up to $258 million in potential payments based on the achievement of pre-specified milestones and tiered sales-based royalties.

• Price Action: LLY shares closed at $244.12 on Friday.

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