Eli Lilly and Company (Lilly) has agreed to acquire SiteOne Therapeutics Inc., a private biotechnology company developing small molecule inhibitors of sodium channels to treat pain and other neuronal hyperexcitability disorders.

The transaction includes STC-004, a Phase 2 ready Nav1.8 inhibitor being studied for the treatment of pain, which may represent a next-generation, non-opioid treatment for patients suffering from chronic pain.

“The global burden of chronic pain continues to increase, and an effective non-opioid treatment remains elusive,” said Mark Mintun, Lilly group Vice President, Neuroscience Research and Development. “Lilly is eager to continue the development of STC-004 with the outstanding SiteOne team as part of our efforts to advance novel, addiction-free pain therapies. Innovation in pain management is critical to address the unmet needs of millions of patients around the world.” 

Under the terms of the agreement, Lilly will acquire SiteOne and SiteOne shareholders could receive up to $1.0 billion in cash, inclusive of an upfront payment and subsequent payments upon achievement of certain regulatory and commercial milestones.

“At SiteOne, we’ve spent more than a decade advancing a vision to deliver safer, more effective, non-opioid therapies for patients suffering from pain and other sensory hyperexcitability disorders,” said John Mulcahy, Ph.D., CEO and Co-founder of SiteOne Therapeutics. “Lilly shares our deep commitment to scientific rigor, innovation, and patient-centered drug development. We believe their global capabilities and neuroscience leadership will accelerate our efforts to realize the full potential of STC-004 and our broader platform. This acquisition reflects the expertise and dedication of the SiteOne team and marks an exciting new chapter in our mission to transform pain treatment.”

The transaction is subject to customary closing conditions.

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