PRISM BioLab, a leading discovery and development biotechnology company designing small molecule inhibitors of protein-protein interaction (PPI) targets, today announced that it has entered into a License and Collaboration Agreement with Eli Lilly and Company (“Lilly”).

Under the agreement, PRISM and Lilly will collaborate to discover small molecule inhibitors of a PPI target selected by Lilly utilizing PRISM’s proprietary PepMetics technology.

Lilly has the option to add up to two more targets to the collaboration and is responsible for the clinical development and commercialization of resulting products.

PRISM will receive upfront payments and is eligible to receive up to $660m in pre-clinical, clinical and commercial development milestones payments, as well as royalties on product sales.

“We are very excited to enter into this collaboration with Lilly as we apply our technology to expand the field of drug discovery into a novel approach to drug the PPI targets,” said Dai Takehara, President and Chief Executive Officer of PRISM Biolab. “Our PepMetics technology holds promise to change the current paradigm in drug discovery by turning previously undruggable PPIs into targets readily druggable with small molecules. This collaboration with Lilly, an innovative global pharma company, could help us realize this vision and expand the field of druggable targets for the benefit of patients.”