Lilly Acquires Protomer Technologies in $1-Bn DealBy
Eli Lilly and Company has acquired Protomer Technologies, a Pasadena, California-based technology company specializing in engineering protein therapeutics, in a $1-billion deal (inclusive of undisclosed milestone payments). Lilly currently holds a 14% stake in the company
Protomer has a proprietary peptide- and protein-engineering platform used to identify and synthesize molecules that can sense glucose or other endogenous modulators of protein activity. The platform, called Molecular Engineering of Protein Sensors (MEP), enables the development of therapeutic peptides and proteins with tunable activity that can be controlled using small molecules. Protomer has used this approach toward advancing a portfolio of therapeutic candidates, including glucose-responsive insulins that can sense sugar levels in the blood and automatically activate as needed throughout the day.
The potential value of the transaction is more than $1 billion with successful achievement of future development and commercial milestones. Lilly previously led an equity investment in Protomer alongside the JDRF T1D Fund, a venture philanthropy fund focused on securing funding for Type I diabetes, which provided Lilly with 14% ownership of the company. Lilly is acquiring the remainder of the stock of Protomer beyond its initial investment.
Source: Eli Lilly and Company