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Eli Lilly to Acquire CrossBridge Bio

-- Eli Lilly (LLY) has agreed to buy CrossBridge Bio for up to $300 million in cash, the pre-clinical biotechnology firm said Tuesday.

The deal includes an upfront payment and a subsequent payout upon achieving certain development milestone, CrossBridge said.

The firm, which is developing a new dual-payload antibody-drug conjugates for cancer treatments, expects an investigational new drug application for its lead candidate, CBB-120, in 2026.

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