OmniAb rises on drug discovery deal with Lilly worth up to $370 mln
BUZZ-OmniAb rises on drug discovery deal with Lilly worth up to $370 mln ** Shares of biotech firm OmniAb OABI.O rise 24% to $4.27 premarket
** Co says it signed a global collaboration and license agreement with Eli Lilly LLY.N for a new ion channel drug discovery program
** Says it will receive an upfront payment and is eligible for up to $370 mln in research, development and commercial milestone payments
** Ion channels are proteins that help control signals in cells and are targets for treatments across several diseases
** OmniAb says the partnership will use its antibody discovery platform and ion channel screening expertise
** Agreement also includes tiered royalties on global net sales; therapeutic target and drug type were not disclosed
** As of last close, stock up ~83% YTD
(Reporting by Sahil Pandey in Bengaluru)
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