NextCure disclosed in a US Securities and Exchange Commission (SEC) filing that Eli Lilly will terminate a partnership with the company on March 3 focused on developing immuno-oncology therapies, as reported by This is Money.
NextCure did not disclose details about the reason as to why Eli Lilly was ending the deal and declined to comment further beyond the SEC filing.
Under the agreement, signed in November 2018, Eli Lilly gave NextCure $32.7 million, which included $25 million upfront, quarterly R&D support payments, and it made a $15-million equity investment in the company.
NextCure was also eligible to receive milestone payments of up to $1.4 billion.
In exchange, Eli Lilly gained access to NextCure's platform for research aimed at developing and commercializing new cancer treatments, with both companies having options to manufacture products stemming from the collaboration.
The deal similarly indicated that NextCure could owe up to $710 million in milestone payments for options it exercises, according to federal filings.
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