Brief: Lilly And Foghorn Announce Strategic Collaboration For Novel Oncology Targets

Foghorn Therapeutics

13/12/2021 11:22

Dec 13 (Reuters) - Foghorn Therapeutics Inc.  FHTX.O :
    * LILLY AND FOGHORN ANNOUNCE STRATEGIC COLLABORATION FOR
NOVEL
ONCOLOGY TARGETS USING FOGHORN’S PROPRIETARY GENE TRAFFIC
CONTROL® PLATFORM
    * FOGHORN THERAPEUTICS INC. - COLLABORATION INCLUDES THREE
ADDITIONAL DISCOVERY PROGRAMS
    * FOGHORN THERAPEUTICS - TO RECEIVE $300 MILLION UPFRONT AND
AN
EQUITY INVESTMENT BY LILLY OF $80 MILLION AT $20 PER SHARE
    * FOGHORN THERAPEUTICS - FOR BRM-SELECTIVE PROGRAM AND
ADDITIONAL
UNDISCLOSED TARGET PROGRAM, FOGHORN WILL LEAD DISCOVERY AND
EARLY RESEARCH ACTIVITIES
    * FOGHORN THERAPEUTICS INC. - MAY RECEIVE UP TO A TOTAL OF
$1.3
BILLION IN POTENTIAL DEVELOPMENT AND COMMERCIALIZATION
MILESTONES
    * FOGHORN THERAPEUTICS INC. - FOGHORN AND LILLY WILL SHARE
50/50
IN U.S. ECONOMICS
    * FOGHORN THERAPEUTICS - ELIGIBLE TO RECEIVE ROYALTIES ON
EX-U.S.
SALES STARTING IN LOW DOUBLE-DIGIT RANGE & ESCALATING INTO
TWENTIES BASED ON REVENUE LEVELS
    * FOGHORN THERAPEUTICS INC. - THERE WILL BE NO CHANGE TO
LILLY'S
2021 NON-GAAP EARNINGS PER SHARE GUIDANCE AS A RESULT OF
TRANSACTION

Source text for Eikon:  ID:nGNX1ZhjQz 
Further company coverage:  FHTX.O 

 ((Reuters.Briefs@thomsonreuters.com;))