Eli Lilly announced on June 24 that it is expanding its ongoing partnership with Shanghai-based Abbisko Therapeutics, a move that could be worth up to approximately $1.9 billion. The agreement includes an upfront payment and potential development, regulatory, and commercial milestone payments, according to a Wednesday morning release from the companies. Abbisko will also be eligible for tiered royalties on annual net sales of alliance assets that reach the market.
The specific financial breakdown of the agreement was not disclosed by either company. Details about which indications or disease targets will be pursued were also not provided; however, both companies said they plan to advance therapies for “multiple targets” selected by Lilly. Abbisko will contribute its early-stage discovery engine focused on precision small-molecule and immuno-oncology therapies.
Lilly has previously collaborated with Abbisko’s discovery and development teams, particularly in small-molecule research. In January 2022, Lilly committed up to $258 million in potential payments for treatments targeting an undisclosed cardiometabolic condition but did not specify whether any upfront payment was made at that time.
This expanded collaboration comes as Eli Lilly continues a series of mergers and acquisitions throughout 2026, with total commitments surpassing $25 billion so far this year. According to a BioSpace tally published on June 12, major deals include the $6.3 billion acquisition of Centessa Pharmaceuticals in March—at the time the largest buyout of the year until GSK's subsequent offer for Nuvalent Bio—and additional purchases such as Kelonia Therapeutics ($7 billion), Orna Therapeutics ($2.4 billion), Ajax Therapeutics ($2.3 billion), and three vaccine biotechs (up to $3.8 billion).
Beyond acquisitions, Lilly has broadened its network of partnerships this year by initiating collaborations such as a deal with Nimbus Therapeutics worth up to $1.3 billion if all milestones are met, starting with a $55 million upfront payment for work on an oral obesity drug candidate.
Recently added partners include Swedish biotech AlzeCure Pharma—which received $10 million upfront under an Alzheimer’s disease contract—and BioArctic, which secured a $30 million upfront payment related to brain delivery technology.
