Lilly to Pay Up to $370M for OmniAb Collaboration

Eli Lilly has signed a global collaboration and license agreement with OmniAb for a new ion channel drug discovery program, under which OmniAb will receive an upfront payment and is eligible for up to $370 million in research, development, and commercial milestone payments, plus tiered royalties on global net sales.

The deal is structured as a technology licensing collaboration rather than an asset transfer, with OmniAb applying its specialized ion channel discovery and screening capabilities to generate candidate biologics, while Lilly retains global rights to any resulting therapeutic and bears full development and commercialization responsibility.

OmniAb has also announced that it raised its 2026 cash guidance following the recent collaboration with Lilly, which is expected to provide significant financial upside through milestones and royalties, despite the undisclosed upfront payment amount and the undisclosed therapeutic target and modality.