Bispecific antibody specialist corporations ABL Bio said on the 14th that it signed an equity investment deal worth 22 billion won ($15 million) with U.S. pharmaceutical corporations Eli Lilly and Company.
ABL Bio plans to issue 175,079 shares of common stock to Eli Lilly. The issue price is 125,900 won per share. This figure was calculated under the securities issuance and disclosure regulations.
The corporations said the payment will be made after approval under the U.S. Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) and completion of related administrative procedures. The common shares to be issued this time will be subject to a one-year lock-up through Korea Securities Depository (KSD).
ABL Bio plans to use the investment to research and develop the Grabody platform and bispecific antibody ADCs, which are the corporations's core technologies. Through this, it aims to strengthen new drug development capabilities and, from a long-term perspective, seek various collaborative opportunities with Lilly for new drug development.
Chief Executive Lee Sang-hun of ABL Bio said, "We are very pleased to have secured strategic equity investment following the technology transfer agreement for the Grabody platform with U.S. Eli Lilly, a leader in innovative drug development," adding, "ABL Bio plans to expand the indications of the Grabody platform into areas with significant unmet medical needs, such as obesity and muscle diseases."
Meanwhile, on the 12th, ABL Bio signed a Grabody platform technology transfer and joint research and development agreement worth a total of $2.602 billion (about 3.8236 trillion won), including an upfront payment of $40 million (about 58.8 billion won), with Eli Lilly. Under the deal, the two sides plan to develop multiple therapeutics based on various modalities using the Grabody platform.