Abu Dhabi - Sharikat Mubasher: CE-Ventures, the corporate venture capital arm of Crescent Enterprises, announced that its portfolio company, CrossBridge Bio, signed a definitive agreement to be acquired by US pharmaceutical major Eli Lilly and Company.
Under this agreement, CrossBridge Bio shareholders will receive up to $300 million in cash, including an upfront payment and a subsequent payment upon achievement of a specified development milestone, the company announced in a press release yesterday.
This acquisition marks a pivotal step for CE-Ventures and reflects its strategy of evidence-based investing in leading biotech companies developing first- and best-in-class therapeutics.
Michael Torres, Co-Founder and CEO of CrossBridge Bio, stated: “CE-Ventures was an early believer in CrossBridge Bio and our vision for next-generation dual-payload antibody-drug conjugates (ADCs). Their support at a formative stage helped us move quickly from concept to a differentiated platform, ultimately enabling us to advance toward the clinic and attract a partner like Lilly, an exceptional outcome for the company and the science.”
CrossBridge Bio develops next-generation targeted cancer therapies designed to deliver cancer-fighting drugs more precisely to tumor cells. Its dual-payload antibody-drug conjugates (ADCs) are designed to deliver two therapeutic agents directly to cancer cells,0 intended to improve treatment effectiveness while helping address some of the resistance challenges seen with existing therapies.
