Eli Lilly, a private biotechnology company developing small molecule inhibitors of sodium channels to treat pain and other neuronal hyperexcitability disorders, on 27 May announced a definitive agreement for Lilly to acquire SiteOne.
The transaction includes STC-004, a Phase 2 ready Nav1.8 inhibitor being studied for the treatment of pain. STC-004 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, PhD, chief executive officer and cofounder of SiteOne Therapeutics. ‘Lilly shares our deep commitment to scientific rigor, innovation, and patient-centred drug development. We believe their global capabilities and neuroscience leadership will accelerate our efforts to realise 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.
SiteOne Therapeutics is a clinical-stage biopharmaceutical company advancing a novel class of highly selective small molecule inhibitors targeting Nav1.7, Nav1.8, and other ion channels to treat pain, cough and other conditions involving hyperexcitability of the peripheral nervous system.
Lilly is a medicine company turning science into healing to make life better for people around the world. The firm has been pioneering life-changing discoveries for nearly 150 years, and today its medicines help tens of millions of people across the globe.
