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Lilly and Precision BioSciences Announce Genome Editing Research Collaboration and License Agreement
Research collaboration using ARCUS genome editing technology will initially include three gene targets, with right to select three additional gene targets;
About this update from Precision Biosciences, Inc.
[{"type":"text","content":"Research collaboration using ARCUS genome editing technology will initially include three gene targets, with right to select three additional gene targets; lead program focused on Duchenne Muscular Dystrophy\n Precision will receive $100 million cash upfront and an equity investment by Lilly of $35 million; Precision also eligible to receive potential milestones up to $420 million per product, as well as tiered royalties on sales of licensed products\n Precision to host conference call today at 8:30 a.m. ET\n\n\nINDIANAPOLIS, and DURHAM, N.C., Nov. 20, 2020 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) and Precision BioSciences, Inc. (Nasdaq: DTIL) today announced a research collaboration and exclusive license agreement to utilize Precision's proprietary ARCUS® genome editing platform for the research and development of potential in vivo therapies for genetic disorders, with an initial focus on Duchenne muscular dystrophy (DMD) and two other undisclosed gene targets.\nGenome editing technologies enable precise editing of the DNA of a living organism, opening up the possibility of correcting genetic problems at their source. ARCUS is a unique, proprietary, and versatile genome editing platform with attributes including specificity, ability to make a variety of efficient edits (knock-in, knock-out, and repair), and small size, thereby enabling a range of therapeutic editing. The platform is derived from a natural genome-editing enzyme called I-CreI, a homing endonuclease that can be optimized to control for potency and specificity.\nUnder the terms of the agreement, Precision will receive an upfront cash payment of $100 million, as well as an equity investment by Lilly of $35 million in Precision's common stock. Precision is also eligible to receive up to $420 million in potential development and commercialization milestones per product, as well as tiered royalties ranging from the mid-single digits to low-teens on product sales should Lilly successfully commercialize a therapy from the collaboration. Precision will lead pre-clinical research and IND-enabling activities, with Lilly then assuming responsibility for clinical development and commercialization. Lilly will have the right to select up to three additional gene targets for this collaboration. Precision can co-fund clinical development of one product in exchange for an...