Eli Lilly agreed to acquire Houston-based CrossBridge Bio, a preclinical biotech specializing in dual-payload antibody-drug conjugates (ADCs), for up to $300 million in cash, including an undisclosed upfront payment and a milestone payment.1234
CrossBridge's lead candidate, CBB-120, targets TROP2 with a TOP1i/ATRi payload for solid tumors and is expected to enter clinical trials in 2026.124
CrossBridge Bio, founded in 2023 from University of Texas technology, raised $10M in seed funding in 2024 and received a $15M grant; the deal provides a tenfold return for seed investors.12
The acquisition expands Lilly's ADC portfolio amid its spree of 16 biotech buys since 2023, announced on April 14, 2026.13
Sources:
1. https://www.fiercebiotech.com/biotech/eli-lilly-lassoes-texas-adc-specialist-crossbridge-bio-300m
2. https://www.oncologypipeline.com/apexonco/crossbridge-sells-early
3. https://www.marketscreener.com/news/eli-lilly-to-buy-pre-clinical-biotech-crossbridge-for-up-to-300-million-ce7e50dfdd8af724
4. https://www.streetinsider.com/Corporate+News/Eli+Lilly+to+acquire+CrossBridge+Bio+for+up+to+$300+million/26308762.html