Eli Lilly and Company has announced the acquisition of SiteOne Therapeutics, a biopharmaceutical company focused on developing non-opioid treatments for pain management. The deal will bolster Lilly’s efforts to advance innovative medicines for chronic pain.
Lilly is acquiring STC-004, a Phase 2-ready Nav1.8 inhibitor being studied as a potential next-generation treatment for patients suffering from chronic pain. This acquisition marks a significant expansion of Lilly’s pain pipeline, addressing the growing need for effective non-opioid treatments.
“We’re making progress in delivering safer and more effective therapies for patients with chronic pain,” said Mark Mintun, Lilly group vice president. “The global burden of chronic pain continues to rise, and we’re committed to advancing innovative solutions.”
Under the terms of the agreement, Lilly will acquire SiteOne for up to $1.0 billion in cash, including an upfront payment and subsequent payments upon achieving certain regulatory and commercial milestones.
Lilly’s acquisition of SiteOne demonstrates its commitment to advancing non-opioid treatments for pain management. With this deal, the company aims to improve patient outcomes and make life better for millions worldwide.
Source: https://investor.lilly.com/news-releases/news-release-details/lilly-expand-its-pain-pipeline-acquisition-siteone-therapeutics