On July 1, 2024 Radionetics Oncology, a biotechnology company discovering and developing novel small molecule G protein coupled receptor (GPCR) targeted radiopharmaceuticals to treat a broad range of solid tumors, reported the formation of a strategic relationship with Eli Lilly and Company to take forward Radionetics’ proprietary GPCR targeting small molecule radiopharmaceuticals (Press release, Radionetics Oncology, JUL 1, 2024, View Source [SID1234644638]).

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Under the terms of the agreement, Radionetics received a $140 million upfront cash payment. As part of the strategic arrangement, Lilly obtained the exclusive right to acquire Radionetics upon conclusion of an exercise period for $1 billion. During the exercise period, Radionetics will continue to build out a proprietary pipeline of therapeutic assets. These will include small molecule radioligand therapeutics targeting GPCRs using the Radionetics proprietary discovery platform and associated intellectual property.

"We are fortunate to have entered into an agreement with Lilly given its global development capability, oncology expertise, and the radiopharmaceutical experience and capabilities Lilly is building following the acquisition of POINT Biopharma," said Paul Grayson, CEO of Radionetics Oncology.

"Furthering our commitment to radiopharmaceutical therapies, this relationship provides access to novel GPCR targets and the discovery capabilities of Radionetics Oncology," said Jacob Van Naarden, Executive Vice President and President, Lilly Oncology.

"Our platform uniquely pairs the power of radiopharmaceuticals with the precision of small molecule targeting to novel GPCRs. We have a specialized team that is focused on rapidly advancing each of our promising programs to bring these much-needed new therapies to patients," said Brett Ewald, Chief Operating Officer.

Cooley LLP is acting as legal advisor to Radionetics. Ropes & Gray LLP is acting as legal advisor to Lilly.