SNAPSHOT

Lilly purchases CrossBridge Bio for $300M to deepen its next-generation ADC pipeline

Eli Lilly agreed to acquire CrossBridge Bio, a Houston startup developing antibody-drug conjugates (ADCs) with “dual-payload” technology designed to deliver two cancer-killing agents instead of one.

Why it matters: The deal strengthened Lilly’s position in one of the hottest areas of cancer drug development. ADCs are already reshaping treatment for several tumor types, and dual-payload designs could improve effectiveness, durability and resistance control.

Backstory: More than 20 ADCs are already approved across cancers including breast, lung and bladder, and drugmakers have been racing to improve on first-generation designs through acquisitions and startup investments.

Big picture: Lilly is using dealmaking to build a broader precision oncology franchise, continuing a strategy that began with its 2019 acquisition of Loxo Oncology. In 2023, Lilly also bought ADC-focused companies Emergence Therapeutics and Mablink Bioscience.

Zoom in: CrossBridge’s lead candidate, CBB-120, targets TROP2, the same protein targeted by approved ADCs such as Datroway and Trodelvy. CrossBridge claims CBB-120 could offer a wider therapeutic index, longer-lasting responses and better ability to overcome treatment resistance.

What’s next: The program has not yet entered clinical testing, but the company expects to file to begin human trials this year.

SNAP AGAIN

Kailera targets $528.5M IPO to fuel its obesity drug push

Kailera filed for a Nasdaq IPO that could raise up to $528.5 million, with most of the proceeds earmarked to advance four obesity assets licensed from Jiangsu Hengrui Pharmaceuticals.

Why it matters: Obesity remains one of biotech’s hottest markets, and Kailera is trying to stand out by rapidly funding late-stage development across multiple GLP-1 candidates. The IPO would give it the capital to push several programs forward at once.

Backstory: Led by the former CEO of Cerevel Therapeutics (sold to AbbVie for $8.7 billion), Kailera emerged in 2024 with a $400 million series A and a portfolio of four GLP-1 drugs from Hengrui. It followed that with a $600 million series B in 2025, one of biotech’s biggest private financings that year.

Big picture: Kailera is pursuing a broad obesity strategy rather than relying on one lead asset. That gives it multiple shots on goal, but it also puts the company into direct competition with entrenched leaders like Eli Lilly and other well-funded drugmakers chasing next-generation weight-loss therapies.

What’s next: Kailera wants to direct $625 million, including IPO proceeds and existing cash, toward injectable ribupatide and its three global phase 3 trials through the second quarter of 2028. It plans another $150 million for oral ribupatide and its phase 3 program, expected to begin in Q2 2028. Reported trial results from China showed injectable ribupatide nearing 18% mean weight loss at 48 weeks and oral ribupatide reaching up to 12.1% at 26 weeks.

SNIPPETS

What’s happening in biotech today?

🔄 Reverse merger: Obsidian Therapeutics will go public through an all-stock reverse merger with Galera Therapeutics, supported by a $350 million private placement intended to fund operations through 2028. The combined company, retaining the Obsidian name, will focus on advancing tumor-infiltrating lymphocyte (TIL) therapies, including its lead candidate OBX-115, currently in mid-stage trials for melanoma and early-stage trials for non-small cell lung cancer.

🧬 First of a kind: Travere Therapeutics has secured full FDA approval for Filspari (sparsentan) to treat focal segmental glomerulosclerosis (FSGS) in patients aged eight and older without nephrotic syndrome, making it the first approved therapy for this rare kidney disease and expanding its prior use in IgA nephropathy. The decision is supported by the Phase III DUPLEX trial, where Filspari reduced proteinuria by 46% over 108 weeks compared to 30% with irbesartan, with stronger results in patients without nephrotic syndrome. Travere expects immediate availability as it targets a population exceeding 100,000 patients in the U.S.

✂️ Collab cut: Takeda has ended its 2023 research collaboration with Veritas In Silico (VIS), which focused on discovering small molecules targeting mRNA using VIS’s ibVIS platform, with both parties describing the termination as amicable after roughly three years of joint work. While financial terms were not disclosed, the partnership had included upfront payments and potential milestones and royalties. Takeda stated the decision was based on standard evaluation criteria rather than a broader shift in R&D strategy, though it comes amid wider restructuring efforts, including other partnership terminations, layoffs, and a reduced presence in certain research areas.

SPEED READ

More news

• Novo Nordisk partnered with OpenAI to apply AI across drug discovery and operations.

• Kazia Therapeutics paid $1.4 million to license an AI-driven epigenetic drug platform targeting SETDB1.

• The FDA found 30% of clinical trials lack reported results and has urged 2,200 sponsors to comply.

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