Eli Lilly and Company is set to acquire the remaining shares of biotech firm Protomer Technologies in a deal valued more than $1bn.
The latest move follows Lilly’s equity investment in Protomer along with the JDRF T1D Fund, acquiring the biotech company’s 14% stake.
Under the terms of the deal, Lilly will acquire the remaining shares of Protomer along with the development and commercial milestones in the future.
Protomer produces next-generation protein therapies which can sense molecular activators in the body and activate automatically based on the requirement.
The company’s peptide- and protein-engineering platform can be used to identify and synthesise molecules which can sense glucose or other endogenous modulators of protein activity.
This helps in developing therapeutic peptides and protein therapeutics with tuneable activity which can be regulated using small molecules.
Protomer utilised this method in developing a portfolio of therapeutic candidates that include glucose-responsive insulins which can sense sugar levels and automatically activate as required throughout the day.
Eli Lilly diabetes research and clinical investigation vice-president Ruth Gimeno said: “Lilly has long strived to make life better for people living with diabetes and we have a continued determination to provide real solutions, including innovation in insulin therapy.
“Glucose-sensing insulin is the next frontier and has the potential to revolutionize the treatment and quality of life of people with diabetes by dramatically improving both therapeutic efficacy and safety of insulin therapy.
“Protomer’s glucose-sensing insulin program, based on its proprietary molecular engineering of protein sensors (MEPS) platform, is showing significant promise and Lilly is excited to enhance our diabetes pipeline with the company’s innovative technology.”
For the transaction, Aquilo Partners is serving as financial advisor while Morrison & Foerster is acting as legal advisor to Protomer. Kirkland & Ellis is serving as legal counsel to Lilly.