Eli Lilly announced a $2.3 billion cash acquisition of Ajax Therapeutics, adding the company’s lead asset, AJ1‑11095, a selective Type II JAK2 inhibitor, to its oncology portfolio. The deal gives Lilly a first‑in‑class program for myelofibrosis and polycythemia vera, two myeloproliferative neoplasms that currently lack durable treatment options.
AJ1‑11095 is in Phase I clinical development, with a trial (AJX‑101, NCT06343805) that began in late 2024. Dose‑selection studies are slated for 2026, and the first proof‑of‑concept data are expected later that year. The compound’s Type II binding mode is designed to overcome resistance seen with existing Type I JAK2 inhibitors, potentially offering deeper and more durable efficacy for patients who have limited responses to current therapies.
The acquisition aligns with Lilly’s aggressive oncology M&A strategy, marking its third oncology‑focused deal in 2026 after purchases of CrossBridge Bio on April 14 and Kelonia Therapeutics on April 20. It also diversifies Lilly’s pipeline beyond its blockbuster obesity and diabetes drugs, reinforcing its commitment to expanding its blood‑cancer portfolio.
Eli Lilly was a founding strategic investor in Ajax, contributing $95 million in a Series C round in 2024. The transaction includes an upfront payment and potential milestone payments, though the exact breakdown has not been disclosed. The deal is expected to accelerate AJ1‑11095’s progression into registrational trials, leveraging Lilly’s expertise in blood‑cancer development.
"As a founding strategic investor in Ajax, Lilly has long believed in the approach and is excited about the potential for AJ1‑11095 to deliver deeper and more durable efficacy than available treatments with a tolerability profile that would allow for patients to remain on therapy longer and be used across both the first‑ and second‑line settings," said Jacob Van Naarden, Executive Vice President and President of Lilly Oncology. "We look forward to the presentation of clinical proof‑of‑concept data later in 2026, rapidly advancing AJ1‑11095 into registrational clinical trials, and using our expertise in blood cancer to hopefully deliver another important new medicine to patients and hematologists." "We started Ajax to build on the work of its five scientific founders, who sought to develop a novel class of selective and more potent JAK2 inhibitors to address the significant unmet need of patients with MPNs. We now look forward to Lilly advancing AJ1‑11095 through the clinic and providing a much‑needed new therapy for patients with MPNs," added Martin Vogelbaum, co‑founder and CEO of Ajax.
"We are thrilled to obtain clearance to advance AJ1‑11095 into the clinic and excited to bring this innovative new medicine to patients with myelofibrosis. This is an important milestone for our company and our first program to enter the clinic and the first clinical study to ever evaluate a Type II JAK2 inhibitor in patients."
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