Eli lilly to pay up to $960 million for Rigel's autoimmune disease therapy

[February 18, 2021]  (Reuters) - Eli Lilly and Co will gain exclusive worldwide license to Rigel Pharmaceuticals Inc's autoimmune and inflammatory diseases treatment candidate for potentially up to $960 million, the companies said on Thursday.

Rigel will receive an upfront cash payment of $125 million, with the potential for an additional up to $835 million in milestone payments.

Rigel's lead therapy, R552, has completed early-stage trials and will begin mid-stage trials this year.

(Reporting by Dania Nadeem in Bengaluru; Editing by Arun Koyyur)

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