Eli Lilly announced the acquisition of CrossBridge Bio, a Houston‑based pre‑clinical biotechnology company, for up to $300 million. The transaction includes an undisclosed upfront payment and milestone payments tied to future development milestones, and is expected to close in the third quarter of 2026.
CrossBridge’s dual‑payload antibody‑drug conjugate (ADC) platform was originally developed at the University of Texas Health Science Center. The platform delivers two cytotoxic agents simultaneously to tumor cells, potentially improving both efficacy and safety. The company’s lead candidate, CBB‑120, targets TROP2 and combines a Topo1 inhibitor with an ATR inhibitor to enhance the therapeutic index and address resistance mechanisms.
The acquisition expands Lilly’s oncology pipeline and aligns with its broader strategy of acquiring promising biotech companies to accelerate the development of next‑generation cancer therapeutics. CrossBridge was founded in 2023, raised $10 million in seed funding in November 2024, and received a $15 million grant from the Cancer Prevention and Research Institute of Texas.
The antibody‑drug conjugate market is projected to grow to tens of billions of dollars, and CrossBridge’s platform could give Lilly a competitive edge in this rapidly expanding segment. By integrating the dual‑payload technology, Lilly can potentially shorten development timelines and improve patient outcomes.
CrossBridge CEO Michael Torres said, "By becoming a part of Lilly, a leader in patient‑focused therapeutic development, we are well positioned to further accelerate the clinical potential of this approach." He added, "We look forward to seeing how Lilly advances our new generation of dual‑payload antibody‑drug conjugates, including CBB‑120, with the potential to meaningfully improve outcomes for patients with limited treatment options." CrossBridge also noted, "At CrossBridge Bio, we believe our dual‑payload ADC platform is uniquely positioned to be transformative in oncology. I’m proud of how well our team has executed and advanced our platform in such a short time since the company’s founding."
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