Collaboration combines Magnet Biomedicine's rational approach to molecular glues and TrueGlue™ discovery platform with Lilly's deep expertise in developing small molecule therapeuticsCompany to receive up to $40 million in upfront, near-term payments, and an equity investment, and additional milestones potentially totaling more than $1.25 billion , and tiered royaltiesBOSTON, Feb. 28, 2025 /PRNewswire/ -- Magnet Biomedicine, a leading biopharmaceutical company advancing molecular glue discovery with rational selection and design, today announced a collaboration and license agreement with Eli Lilly and Company to discover, develop, and commercialize molecular glue therapeutics in oncology. The collaboration will leverage Magnet's TrueGlue™ discovery platform to identify molecular glues capable of inducing protein proximity and cooperativity, enabling novel mechanisms of action to address difficult-to-drug targets spanning multiple diseases with unmet medical need."This collaboration supports our differentiated approach and efforts to reimagine what's achievable through the next generation of molecular glues to drive breakthrough therapies," said Brian Safina, Ph.D., CEO of Magnet. "Lilly's commitment to innovation and deep expertise in bringing transformative medicines to patients make it an ideal partner for Magnet as we harness the untapped potential of molecular glues."Under the terms of the agreement, Magnet will receive upfront, near-term payments and an equity investment of up to $40 million. Magnet is also eligible to receive a total of more than $1.25 billion in milestones upon achievement of certain development, regulatory, and commercial milestones, as well as tiered royalties on global net sales.About TrueGlue™ discovery platformMagnet's TrueGlue™ discovery platform utilizes state-of-the-art screening technologies, proprietary chemical libraries, and strategic selection of target and presenter proteins to rationally and systematically identify TrueGlues™. These small molecules induce proximity and promote cooperativity between proteins, enabling precise drug targeting to disease-relevant tissues and addressing historically difficult-to-drug proteins.About Magnet BiomedicineMagnet Biomedicine is a biotechnology company advancing molecular glue discovery with rational selection and design

The molecular glue wave that first began years ago is still swelling, with Eli Lilly earmarking approximately $1.25 billion to develop new versions of the sticky molecules in collaboration with Mag | The molecular glue wave that first began years ago is still swelling, with Eli Lilly earmarking approximately $1.25 billion to develop new versions of the sticky molecules in collaboration with Magnet Biomedicine.

Company's TrueGlue™ discovery platform leverages cutting-edge technology to identify next-generation molecular glues that harness approaches beyond protein degradationSeries A financing co-led by Newpath Partners and ARCH Venture PartnersCo-founded by molecular glue pioneer Stuart Schreiber, and world-renowned scientists Michael Rosbash, Benjamin Cravatt, Richa Saxena, and David SpiegelCAMBRIDGE, Mass., Sept. 19, 2023 /PRNewswire/ -- Magnet Biomedicine, a biotechnology company advancing molecular glue discovery with rational selection and design, today announced a $50 million Series A financing co-led by founding and initial investor, Newpath Partners, and ARCH Venture Partners. Magnet is reimagining what is achievable with molecular glues by looking beyond known protein–protein interactions and analyzing the broad protein landscape to pair target proteins with rationally selected presenter proteins to drive therapeutic effects.The financing will support Magnet's differentiated approach to the discovery and development of TrueGlues™—compounds that induce cooperative protein–protein interactions. The investment will further enable advancement of its diverse portfolio of programs spanning several indications, including cardiovascular disease, oncology, and immune disorders.A Rational Approach to Molecular GluesMagnet was founded by world-leading molecular glue researcher Stuart Schreiber, Ph.D., 2017 Nobel Laureate Michael Rosbash, Ph.D., chemoproteomics pioneer Benjamin Cravatt, Ph.D., human geneticist Richa Saxena, Ph.D., and chemical biologist David Spiegel, M.D., Ph.D. The company is led by President and Chief Scientific Officer, Brian Safina, Ph.D."Molecular glues offer expansive potential to transform human medicine. Recent advancements, however, have been narrowly focused on tangential approaches such as degradation, leaving much of the potential of true molecular glues untapped," said Stuart Schreiber, Ph.D., Scientific Co-founder of Magnet