Lilly to Acquire CrossBridge Bio in $300M Deal

On Apr 15, 2026

CrossBridge Bio, Inc., a pre-clinical biotech firm specializing in next-generation antibody-drug conjugates (ADCs), has agreed to be acquired by Eli Lilly and Company in a deal valued at up to $300 million. The acquisition underscores Lilly’s continued push into innovative oncology platforms, particularly in the rapidly evolving ADC space.

Founded in 2023 and based in Houston, CrossBridge Bio has focused on advancing dual-payload ADC technology, an emerging approach designed to deliver two therapeutic agents simultaneously to cancer cells. This platform was originally developed by scientist Kyoji Tsuchikama at the University of Texas Health Science Center at Houston. The company believes its technology can overcome limitations of existing ADCs by improving efficacy while addressing drug resistance mechanisms that often limit long-term patient outcomes.

At the center of the acquisition is CrossBridge Bio’s lead candidate, CBB-120, a TROP2-targeting ADC that combines a topoisomerase I inhibitor (TOP1i) and an ATR inhibitor (ATRi). This dual-payload design aims to enhance the therapeutic index and generate more durable responses compared to current single-payload ADCs targeting the same pathway. The therapy is being developed for cancer patients with limited treatment options, with an Investigational New Drug (IND) application expected to be filed with the U.S. Food and Drug Administration in 2026.

Executives from CrossBridge Bio highlighted the strategic importance of the deal, noting that integration into Lilly’s global development infrastructure could accelerate the clinical advancement of its pipeline. The company’s leadership expressed confidence that Lilly’s experience in bringing innovative therapies to market would help unlock the full potential of its ADC platform.

For Lilly, the acquisition aligns with a broader strategy to expand its oncology portfolio through cutting-edge modalities. ADCs, which combine the targeting precision of antibodies with potent cytotoxic drugs, have become a major focus across the pharmaceutical industry. Dual-payload approaches, like the one developed by CrossBridge Bio, are seen as a next step in enhancing treatment outcomes and tackling tumor resistance.

Under the terms of the agreement, CrossBridge Bio shareholders will receive an upfront payment along with a potential milestone-based payout, bringing the total deal value to $300 million. The transaction remains subject to customary closing conditions.

Advisors on the deal include Cooley LLP as legal counsel and Zwick Advisory, LLC as strategic advisor to CrossBridge Bio’s board.

The acquisition signals continued momentum in oncology innovation and highlights growing industry interest in next-generation ADC technologies that could redefine cancer treatment.