Research technology company OmniAb Inc (NASDAQ: OABI) disclosed on Monday that it has entered into a global collaboration and licence agreement with medicine firm Eli Lilly and Company for a new ion channel programme, leveraging OmniAb's technology platform and expertise in ion channel discovery and screening.

OmniAb will receive an upfront payment and is eligible for up to USD370m in research, development and commercial milestone payments, plus tiered royalties on global net sales. The therapeutic target and modality have not been disclosed.

The agreement expands OmniAb's partnerships with pharmaceutical and biotechnology companies by applying its discovery platform to identify antibody and other target-binding protein candidates for drug development.