CrossBridge Bio Enters an Agreement to be Acquired by Eli Lilly to Advance Next-Generation Dual-Payload Antibody-Drug Conjugates

CrossBridge Bio’s pipeline includes a potential best-in-class TROP2-targeting TOP1i/ATRi dual-payload ADC anticipated to enter the clinic in 2026

Acquisition provides an innovative synergistic dual payload platform for the development of differentiated therapeutics

HOUSTON--(BUSINESS WIRE)--CrossBridge Bio, Inc., a pre-clinical biotechnology company pioneering the development of next-generation dual-payload antibody-drug conjugates (ADCs) today announced a definitive agreement to be acquired by Eli Lilly and Company (“Lilly”).

CrossBridge Bio, a Houston-based biotechnology firm founded in 2023, is developing a new dual-payload ADC technology originally created by Kyoji Tsuchikama at the University of Texas Health Science Center at Houston (UTHealth Houston). The company is focused on advancing next-generation ADCs with the potential to transform clinical practice. Its lead candidate, CBB-120, is a TROP2-targeting TOP1i/ATRi dual-payload ADC for cancer treatment. It is designed to enhance the therapeutic index and generate more durable responses compared to current TROP2-targeting ADCs, while also addressing key resistance mechanisms. U.S. Food and Drug Administration Investigational New Drug application for CBB-120 is anticipated in 2026.

"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. 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. 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,” said Dr. Michael Torres, Co-Founder and CEO.

Under the terms of the agreement, Lilly will acquire CrossBridge Bio, and CrossBridge Bio shareholders could receive up to $300 million in cash, inclusive of an upfront payment and a subsequent payment upon achieving a specified development milestone.

Cooley LLP is serving as legal counsel to CrossBridge Bio, and Zwick Advisory, LLC acts as a strategic advisor to the Company’s Board of Directors.

About CrossBridge Bio

CrossBridge Bio is a Houston-based startup founded in 2023 that is advancing a novel dual-payload antibody-drug conjugate (ADC) technology developed by Dr. Kyoji Tsuchikama at the University of Texas Health Science Center at Houston (UTHealth Houston). The company’s mission is to develop next-generation ADCs with the potential to transform current clinical practice. Its lead asset, CBB-120, is a dual-payload TROP2-targeting ADC that combines a Topo1 inhibitor and an ATR inhibitor, with an expected IND filing in 2026.

CrossBridge Bio is supported by a syndicate of investors, including the Texas Medical Center (TMC) Venture Fund and CE-Ventures, with participation from Alexandria Venture Investments, Portal Innovations, and Linden Lake Labs, as well as non-dilutive funding from the Cancer Prevention and Research Institute of Texas (CPRIT).