Sitryx will receive $50 million upfront and Lilly will make a $10 million equity investment in Sitryx. Sitryx will be eligible to receive potential development milestones up to $820 million, as well as commercialization milestones and royalties on potential sales.
Sitryx will grant Lilly an exclusive, worldwide license to develop and commercialize up to four immunometabolism targeted therapeutics, including Sitryx's two lead projects. The companies will establish a five-year R&D collaboration, with Sitryx responsible for drug discovery, while Lilly will fund and manage the clinical development and commercializaton.
This transaction is subject to customary closing conditions.