Eli Lilly to acquire CrossBridge Bio in USD300M deal to advance next-generation cancer therapies

USA—CE-Ventures has announced that its portfolio company, CrossBridge Bio, has entered a definitive agreement to be acquired by Eli Lilly and Company.

Under the terms of the deal, shareholders will receive up to USD 300 million in cash, including an upfront payment and an additional milestone-based payment tied to development progress.

CE-Ventures co-led CrossBridge Bio’s USD 10 million initial financing round in November 2024, supporting the company at a critical early stage.

The acquisition reflects a rapid trajectory for the Houston-based biotech firm, which was founded in 2023.

Advancing targeted cancer therapies

CrossBridge Bio focuses on next-generation cancer treatments designed to deliver drugs more precisely to tumor cells.

Its core technology centers on dual-payload antibody-drug conjugates (ADCs), which are engineered to deliver two therapeutic agents directly to cancer cells.

This approach aims to improve treatment effectiveness while addressing resistance challenges associated with existing therapies.

The company’s lead candidate, CBB-120, targets TROP-2, a glycoprotein commonly found on the surface of cancer cells.

The therapy combines a topoisomerase I (TOP1) inhibitor with an ATR inhibitor, with the goal of improving durability of response and therapeutic outcomes.

CrossBridge Bio plans to submit an Investigational New Drug (IND) application for CBB-120, positioning the candidate for clinical development.

Leadership perspectives
Tushar Singhvi, Deputy CEO and Head of Investments at Crescent Enterprises, stated that CE-Ventures is proud to have supported CrossBridge Bio from its early stages through to this milestone.

He added that the company has built a differentiated platform in innovative therapeutics and noted that Lilly is well positioned to advance this work for patient benefit.

Dr. Michael Torres, Co-Founder and CEO of CrossBridge Bio, emphasized that CE-Ventures played a key role as an early supporter of the company’s vision for dual-payload ADCs.

He explained that this backing enabled the team to rapidly progress from concept to a scalable platform, ultimately attracting a partner like Lilly.

Dr. Damir Illich, Manager of Life Sciences at CE-Ventures and a board director at CrossBridge Bio, added that the company stood out early as a leader in its field.

He noted that close collaboration helped advance the platform and expressed confidence in Lilly as a strong development partner.

Strategic and industry context
The acquisition includes all outstanding shares of CrossBridge Bio and its lead asset, CBB-120.

The transaction highlights CE-Ventures’ strategy of investing in high-potential biotech companies developing first- and best-in-class therapies.

Legal counsel for CrossBridge Bio was provided by Cooley, while Zwick Advisory supported the board with strategic guidance.

The company’s investor base includes Alexandria Venture Investments, Linden Lake Labs, Portal Innovations, Texas Medical Center Venture Fund, and the Cancer Prevention and Research Institute of Texas.

Separately, US Food and Drug Administration activity in oncology and metabolic therapies continues to shape the market, including recent approvals involving Novo Nordisk and Lilly.