BeyondSpring: Rises on drug development pact with Eli Lilly

Beyondspring

13/11/2020 15:45

** Drug developer BeyondSpring Inc's shares  BYSI.O  up ~6%
at $17.1
    ** BYSI unit Seed Therapeutics enters into a research pact
with Eli Lilly  LLY.N  and will receive $10 mln upfront to fund
research, as well as a $10 mln equity investment from Lilly
    ** Co also eligible to receive up to ~$780 mln in potential
milestone payments, as well as tiered royalties on net sales of
products that result from the pact
    ** Since Seed's official launch on Oct. 14, the LLY
collaboration represents a significant advancement and
validation of the co's proprietary "molecular glue" platform,
brokerage William Blair says
    ** Seed's "molecular glues" work by inducing protein
degrading machinery present in all cells to recognize and
destroy disease-causing proteins that are not normally targeted 
    ** Up to Thursday's close, BYSI up 4.3% YTD

 (Reporting by Manojna Maddipatla in Bengaluru)
 ((manojna.kalyani@thomsonreuters.com; within the U.S. +1 646
223 8780, outside the U.S. +91  80 6749 1692))