Eli Lilly and Company announced a definitive agreement to acquire CrossBridge Bio, Inc., a pre-clinical biotechnology company developing dual-payload antibody-drug conjugates for cancer treatment.

Under the terms of the agreement, Lilly will pay CrossBridge Bio shareholders up to $300 million in cash, including an upfront payment and a subsequent payment contingent on achieving a specified development milestone.

CrossBridge Bio, founded in 2023 and based in Houston, is developing dual-payload ADC technology originally created by Kyoji Tsuchikama at the University of Texas Health Science Center at Houston. The company's lead candidate, CBB-120, targets TROP2 for cancer treatment and is designed as a TOP1i/ATRi dual-payload ADC.

The company anticipates filing a U.S. Food and Drug Administration Investigational New Drug application for CBB-120 in 2026.

"We look forward to seeing how Lilly advances our new generation of dual-payload antibody-drug conjugates, including CBB-120, with the potential to meaningfully improve outcomes for patients with limited treatment options," said Dr. Michael Torres, Co-Founder and CEO of CrossBridge Bio.

Cooley LLP serves as legal counsel to CrossBridge Bio, while Zwick Advisory, LLC acts as a strategic advisor to the company's Board of Directors.