- Eli Lilly (LLY +0.5%) and Mainz, Germany-based BioNTech Group establish a research collaboration to discover novel cancer immunotherapies, specifically novel tumor targets and their corresponding T cell receptors (TCRs) in one or more types of cancer.
- Under the terms of the agreement, Lilly will pay BioNTech a $30M upfront fee, up to $300M in various milestones and tiered royalties up to double-digits on commercial sales. In addition, Lilly will make a $30M equity investment in the company, subject to the terms in the contract.
- BioNTech, founded in 2008, develops therapeutics and biomarker-based diagnostics.