OmniAb Inks Ion Channel Discovery Deal With Eli Lilly, Up to $370M in Milestones
OABI has more than doubled off its 52-week low of $1.3.
Summary
OmniAb signed a collaboration and license agreement with Eli Lilly for a new ion channel program aimed at next-generation therapeutics. OmniAb receives an upfront payment and up to $370 million in research, development, and commercial milestones, plus tiered royalties on global net sales. The therapeutic target and modality are undisclosed. OmniAb shares jumped about 22% premarket to $4.12, while Lilly was roughly flat. For OmniAb, a small-cap discovery platform, this deal validates its ion channel technology and provides a significant revenue opportunity; for Lilly, it adds another early-stage program to its pipeline. Watch for disclosure of the target or modality as the program advances.
At the time of this announcement, OABI was trading at $3.94 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: Dow Jones Newswires.