Keyword: ARMO BioSciences
Eli Lilly is canning the lead program for the crown jewel of its $1.6 billion Armo buyout after the drug put up a poor showing in pancreatic cancer.
Last year, Eli Lilly spent $1.6 billion to get its hands on Armo Biosciences and its lead asset, pegilodecakin. Today, that drug flopped.
Cel-Sci CEO Geert Kersten wrote that the “key inflection point” for its lead asset, an immunotherapy for head and neck cancers, is on the horizon.
Eli Lilly is acquiring Armo Biosciences and its lead asset, a PEGylated form of the cytokine IL-10, for $1.6 billion.
The West Coast biotech signed up new Chinese backers to expand its late-phase immuno-oncology program and move an anti-PD-1 antibody into the clinic.