Eli Lilly To Acquire CrossBridge Bio To Advance Dual-Payload Cancer Drugs

• CrossBride Bio is developing a dual-payload cancer drug expected to begin human trials in 2026.
• The U.S. Food and Drug Administration investigational New Drug application for CBB-120 is expected in 2026.
• The deal includes the option of an upfront payment and a subsequent payment after achieving specified milestones

Shares of Eli Lilly Co (LLY) are back in the green on Tuesday, snapping a two-session losing streak after the company announced its plan to acquire CrossBride Bio.

The acquisition is valued at $300 million with an option for an upfront payment and a subsequent payment upon achieving a specified development milestone.

The deal with Houston-based CrossBridge Bio provides Lilly access to CBB-120 – a TROP-2 targeted dual payload antibody drug conjugate (ADC), for the treatment of solid tumors and the company’s proprietary linker technology with dual -payload applications - designed to release therapeutic payloads only within cancer cells. 

Unlike conventional ADCs that carry a single payload, the company’s approach loads two distinct mechanisms onto a single antibody, aiming to reduce resistance and improve efficacy.

“We look forward to seeing how Lilly advances our new generation of dual-payload antibody-drug conjugates, including CBB-120, with the potential to meaningfully improve outcomes for patients with limited treatment options,” said Dr. Michael Torres, Co-Founder and Chief Executive Officer.

CrossBridge Bio expects to file a U.S. Food and Drug Administration Investigational New Drug Application in 2026.

CrossBridge Bio Funding Roadmap

CrossBridge Bio was founded in 2023. In the next year, it received $10 million in seed funding led by TMC Venture Fund and CE-Ventures, the corporate venture capital platform of Crescent Enterprises, with participation from Portal Innovations, Alexandria Venture Investments, Linden Lake Labs, and several pre-seed investors.

In 2025, the Cancer Prevention and Research Institute of Texas awarded CrossBridge a grant of $15 million.

Lilly’s Growing ADC Pipeline

The acquisition of CrossBridge Bio marks the second takeover in the past three months. Earlier in February, Lilly acquired Orna Therapeutics for $2.4 billion for circular RNA technology.

Earlier this year, Lilly received a Breakthrough Therapy Designation for sofetabart mipitecan - an experimental treatment for ovarian and related cancers. 

How Did Retail Investors React?

On Stocktwits, the sentiment surrounding the stock remained ‘Bearish’ amid ‘Low’ message volumes.

Shares of Eli Lilly have slipped about 13% year-to-date.

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