Global biopharma Eli Lilly will acquire SiteOne Therapeutics, a biotech dedicated to the development of non-opioid medicines to treat pain and other neuronal hyperexcitability disorders, to advance SiteOne’s leading asset STC-004.
Lilly will lead STC-004 through phase 2 trials and commercialisation for global markets. In return, SiteOne and its shareholders could receive up to $1bn in cash, inclusive of an upfront payment and subsequent payments upon achievement of certain regulatory and commercial milestones.
The transaction is subject to closing conditions in accordance with Generally Accepted Accounting Principles.
SiteOne’s STC-004 intends to address a highly pressing need to treat chronic pain without the potential of addiction and side effects associated with conventionally used opioids.
“The global burden of chronic pain continues to increase and an effective non-opioid treatment remains elusive,” said Mark Mintun, group vice president of Lilly’s neuroscience research and development. “Innovation in pain management is critical to address the unmet needs of millions of patients,” he added.
Additionally, SiteOne is advancing drug candidates to treat other sensory hyperexcitability disorders such as chronic cough and chronic ocular surface pain.
Lilly is dedicated to advancing treatments to global health challenges like diabetes, obesity and immune system disorders, in addition to chronic pain.
