Eli Lilly Puts $370M Bet on OmniAb Ion Channel Deal
Eli Lilly has entered into a global collaboration and license agreement with OmniAb to develop an ion channel program. The deal could be worth up to $370 million in milestone payments plus tiered royalties on global net sales.
The partnership gives Eli Lilly access to OmniAb's ion channel discovery and screening capabilities, which the company claims can provide novel reagent generation and proprietary assays for antibody discovery programs targeting ion channels and transporters. This class of targets has historically been considered challenging for drug development.
Omnibus shares surged in premarket trading on Monday, reaching $4.10, a 65.9% premium above its 20-day simple moving average and 107.6% above its 200-day SMA. The Relative Strength Index reading of 80.20 indicates overbought conditions.
The deal is the latest in OmniAb's roster of major pharma partnerships, which includes Johnson & Johnson, Boehringer Ingelheim, Merck KGaA, and Teva Pharmaceuticals. Eli Lilly's move into ion channels signals continued interest from major pharmaceutical companies in this target class.