INDIANAPOLISandOXFORD, England,March 31, 2020/PRNewswire/ --Eli Lilly and Company(NYSE: LLY) today announced an exclusive global licensing and research collaboration with Sitryx, a biopharmaceutical company focused on regulating cell metabolism to develop disease-modifying therapeutics in immuno-oncology and immuno-inflammation. The collaboration will study up to four novel preclinical targets identified by Sitryx that could lead to potential new medicines for autoimmune diseases.

"AsLillyseeks to develop new and unique medicines for people suffering with autoimmune diseases, we are actively exploring a variety of scientific approaches both in our own labs and with external partners," saidAjay Nirula, M.D., Ph.D., vice president of immunology atLilly. "Regulating the metabolism of immune cells is a promising approach to treating these diseases, and we look forward to working with the talented researchers at Sitryx to advance their novel immunometabolism targets."

"We are excited to partner withLilly, one of the global leaders in the field of immunology, to pursue the discovery of novel targets and the development of innovative therapies for autoimmune and inflammatory diseases in the fast-emerging area of immunometabolism," saidNeil Weir, Ph.D.,chief executive officer of Sitryx. "This agreement is transformational for Sitryx and further validates the strength of our scientific expertise and that of our Founder network and the potential for Sitryx to become a leader in this field."

Under the terms of the agreement, Sitryx will receive an upfront payment of$50 millionandLillywill make a$10 millionequity investment in Sitryx. Sitryx will be eligible to receive potential development milestones up to$820 million, as well as commercialization milestones and royalty payments on potential sales in the mid- to high-single digit range. In return, Sitryx will grantLillyan exclusive, worldwide license to develop and commercialize up to four novel immunometabolism targeted therapeutics, including Sitryx's two lead projects.Lillyand Sitryx will establish a 5-year research collaboration to support the development of the therapeutics, with Sitryx responsible for drug discovery, whileLillywill fund and manage the clinical development and commercial phase of the collaboration.

This transaction is subject to customary closing conditions. The transaction will be reflected inLilly's reported results and financial guidance according to Generally Accepted Accounting Principles (GAAP). There will be no change toLilly's 2020 non-GAAP earnings per share guidance as a result of this transaction.

About SitryxSitryx is a biopharmaceutical company focused on regulating cell metabolism to develop disease-modifying therapeutics in immuno-oncology and immuno-inflammation. Sitryx's proprietary science is led by a highly experienced management team and supported by world class academic founders. Sitryx was founded by six world-leading researchers in the field of immunology and metabolism;Houman Ashrafian,Luke O'Neill,Jonathan Powell,Jeff Rathmell,Michael RosenblumandPaul Peter Tak. Together they have published more than 1,000 papers in the field, making multiple key breakthroughs in our understanding of how critical energetic status is to the behavior of immune cells and in the broader field of immunology. In 2018, Sitryx raised$30 millionSeries A funding from an international syndicate of specialist investors includingSV Health Investors,Sofinnova Partners,Longwood Fundand GSK. The company has a pipeline of projects at multiple stages of drug discovery. Sitryx is headquartered inOxford, UK. For more information, please visitwww.sitryx.com.

AboutEliLillyand CompanyLillyis a global healthcare leader that unites caring with discovery to create medicines that make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe,Lillyemployees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more aboutLilly, please visit us atwww.lilly.com. C-LLY

LillyForward-Looking StatementThis press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about the benefits of a collaboration betweenLillyand Sitryx, and reflectsLilly's current beliefs. However, as with any such undertaking, there are substantial risks and uncertainties in the process of drug development and commercialization. Among other things, there can be no guarantee thatLillywill realize the expected benefits of the collaboration, or that the collaboration will yield commercially successful products. For a further discussion of these and other risks and uncertainties that could cause actual results to differ fromLilly's expectations, please seeLilly's most recent Forms 10-K and 10-Q filed with theU.S. Securities and Exchange Commission.Lillyundertakes no duty to update forward-looking statements.

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Lilly and Sitryx Announce Licensing and Research Collaboration to Discover and Develop New Immunometabolic Medicines - PharmiWeb.com