Eli Lilly is wagering up to $1 billion on a private biotechnology company developing new, non-opioid pain drugs that have already caught the attention of other large pharmaceutical firms.
Per an announcement Tuesday, Lilly plans to acquire SiteOne Therapeutics in an all-cash deal. The companies aren’t disclosing how much money is being exchanged upfront or when they expect the transaction to close. But, if SiteOne’s research programs hit certain regulatory and commercial goals, the amount paid to its shareholders could reach that 10-figure mark.
A San Francisco-area biotech, SiteOne has been overlooked by major drug companies and biopharma investors for much of its 15-year history. Its research focuses on “sodium ion channels” — a class of proteins with the potential to treat pain without the use of an opioid. Yet