BRIEF—PRISM BioLab and Lilly ink drug discovery pact

Japanese discovery and development biotech PRISM BioLab has announced a license and collaboration agreement with US pharma major Eli Lilly.

Under the agreement, PRISM and Lilly will collaborate to discover small molecule inhibitors of a PPI target selected by Lilly utilizing PRISM's proprietary PepMetics technology.

Lilly has the option to add up to two more targets to the collaboration and is responsible for the clinical development and commercialization of resulting products.

PRISM will receive upfront payments and is eligible for up to $660 million in pre-clinical, clinical and commercial development milestones payments, as well as royalties on product sales.