CE-Ventures, the corporate venture capital arm of Crescent Enterprises, on Tuesday announced that its portfolio company CrossBridge Bio has entered into a definitive agreement to be acquired by US pharmaceutical major Eli Lilly and Company.
Under the terms of the agreement, CrossBridge Bio shareholders will receive up to $300 million in cash, including an upfront payment and a subsequent payment upon achievement of a specified development milestone.
CrossBridge Bio is a Houston-based biotechnology company founded in 2023, developing next-generation targeted cancer therapies designed to deliver cancer-fighting drugs more precisely to tumour cells. CE-Ventures co-led CrossBridge Bio’s $10 million initial financing round announced in November 2024, backing the company at an important stage in its development.
Tushar Singhvi, Deputy CEO and Head of Investments at Crescent Enterprises, said: “We are proud to have supported CrossBridge Bio from its early stages and to see the company reach this important milestone with its acquisition. The team has built a highly differentiated platform in innovative therapeutics, and we believe Lilly is ideally positioned to further advance this innovation for the benefit of patients.”
Dr Michael Torres, Co-Founder and CEO of CrossBridge Bio, commented: “CE-Ventures was an early believer in CrossBridge Bio and our vision for next-generation dual-payload antibody-drug conjugates (ADCs). Their support at a formative stage helped us move quickly from concept to a differentiated platform, ultimately enabling us to advance toward the clinic and attract a partner like Lilly, an exceptional outcome for the company and the science.”
CrossBridge Bio’s next-generation, dual-payload antibody-drug conjugates (ADCs) are designed to deliver two therapeutic agents directly to cancer cells and is intended to improve treatment effectiveness while helping address some of the resistance challenges seen with existing therapies. Its lead candidate, CBB-120, is a potentially best-in-class dual-payload ADC targeting TROP-2, a glycoprotein present on the surface of cancer cells. The company anticipates submitting an Investigational New Drug application for CBB-120 in 2026.
Dr Damir Illich, Manager, Life Sciences at CE-Ventures and Board Director at CrossBridge Bio, added: “CrossBridge Bio stood out early to us as a leader in dual-payload ADC development. It has been a privilege to support the team closely in my role with the company as they advanced the platform, and we are confident that Lilly is an excellent partner to further develop this innovation.”
The acquisition marks an important step for CE-Ventures and reflects its strategy of evidence-based investing in leading biotech companies developing first- and best-in-class therapeutics. It also highlights the progress CrossBridge Bio has made in a relatively short period, from advancing its platform and lead programme to entering into an acquisition agreement with Lilly, a statement said. - TradeArabia News Service
