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Kumquat Announces $2 Billion Deal to Develop Small Molecule IO Drugs with Lilly

publication date: Jul 29, 2021

Kumquat Biosciences of San Diego announced a $2 billion agreement with a Lilly subsidiary to discover small molecule drugs that stimulate tumor-specific immune responses in cancer patients. Lilly will make a $70 million upfront payment, consisting of cash and equity, and it will be responsible for $2 billion in milestones. After Kumquat completes the discovery phase, Lilly will have an option to select the assets it will develop for the US, while Kumquat will retain China rights to the assets. Lilly will have an option to co-commercialize in China. More details....

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