OmniAb, Inc has announced a global collaboration and license agreement with Eli Lilly and Company (Lilly) for a new ion channel program. The collaboration leverages OmniAb’s technology platform and expertise in ion channel discovery and screening.

Matt Foehr, Chief Executive Officer, OmniAb, said, “We are pleased to enter into this important new relationship with Lilly. Lilly is focused on delivering medicines to address major unmet medical needs and our differentiated expertise and established technologies that relate to ion channels are well positioned to help drive this new discovery program.”

Under the terms of the agreement, OmniAb will receive an upfront payment and is eligible to receive up to USD 370 million in research, development, and commercial milestone payments, as well as tiered royalties on global net sales. The therapeutic target and modality are undisclosed.