On February 28, 2025, Magnet Biomedicine, a leading biopharmaceutical company advancing molecular glue discovery with rational selection and design, announced a collaboration and license agreement with Eli Lilly and Company to discover, develop and commercialize molecular glue therapeutics in oncology. The collaboration will leverage Magnet's TrueGlue™ discovery platform to identify molecular glues capable of inducing protein proximity and cooperativity, enabling novel mechanisms of action to address difficult-to-drug targets spanning multiple diseases with unmet medical need.

Under the terms of the agreement, Magnet will receive upfront, near-term payments and an equity investment of up to $40 million. Magnet is also eligible to receive a total of more than $1.25 billion in milestones upon achievement of certain development, regulatory and commercial milestones, as well as tiered royalties on global net sales.

Sarah Hogan, Adam Camiel and Andrew Fosque advised Magnet on the Collaboration and License Agreement, Jason Kropp, Riley O’Brien and Matthew O’Malley advised on Lilly’s equity investment, and Fred Adam, Ciara Baker and Andrew Stauber advised on tax, executive compensation and employment matters.