CrossBridge Bio Inc, a pre-clinical biotechnology company developing next-generation dual-payload antibody-drug conjugates (ADCs), announced on Tuesday that it has entered into a definitive agreement to be acquired by pharmaceutical company Eli Lilly and Company (NYSE:LLY).

Founded in 2023 and based in Houston, CrossBridge Bio is developing dual-payload ADC technology originating from research at the University of Texas Health Science Center at Houston by Kyoji Tsuchikama. Its lead candidate, CBB-120, is a TROP2-targeting TOP1i/ATRi dual-payload ADC for cancer treatment designed to improve therapeutic index, enhance durability of response, and address resistance mechanisms.

An Investigational New Drug application to the US Food and Drug Administration (FDA) is planned in 2026 and the programme is anticipated to enter the clinic before the end of the year.

Under the agreement, Lilly will acquire CrossBridge Bio in a transaction that could provide shareholders up to USD300m in cash, including an upfront payment and a milestone-based payment. The deal is intended to deliver a synergistic dual-payload platform for differentiated therapeutic development.