OmniAb Inks Global Ion Channel Deal With Eli Lilly Worth Up to $370M in Milestones
OABI has more than doubled off its 52-week low of $1.3.
Summary
OmniAb signed a global collaboration and license agreement with Eli Lilly for a new ion channel program. OmniAb gets an upfront payment, up to $370 million in milestone payments, and tiered royalties on global net sales. The deal validates OmniAb's ion channel discovery platform and adds a major pharma partner. This follows strong Q2 results reported August 6 with revenue up 244% year-over-year. The undisclosed upfront payment and milestone structure suggest meaningful near-term cash and long-term upside, though the therapeutic target remains undisclosed.
At the time of this announcement, OABI was trading at $3.33 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $491.4M. The 52-week trading range was $1.30 to $3.64. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.