Biotech cancer drug developer set for up to $300m US acquisition

Sharjah: CE-Ventures, the corporate venture capital arm of Crescent Enterprises, has announced that its portfolio company CrossBridge Bio has entered into a definitive agreement to be acquired by US pharmaceutical giant Eli Lilly and Company.

Under the terms of the agreement, CrossBridge Bio shareholders will receive up to $300 million in cash, comprising an upfront payment and a further payment contingent on the achievement of a specified development milestone.

Founded in 2023 and based in Houston, CrossBridge Bio is a biotechnology company developing next-generation targeted cancer therapies designed to deliver treatment agents more precisely to tumour cells. Its platform focuses on dual-payload antibody-drug conjugates (ADCs), an innovative approach aimed at improving treatment effectiveness while addressing resistance challenges in existing cancer therapies.

CE-Ventures co-led CrossBridge Bio’s $10 million initial financing round in November 2024, supporting the company during its early development phase.

Commenting on the acquisition, 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, said CE-Ventures played a key early role in the company’s growth. “ “CE-Ventures was an early believer in CrossBridge Bio and our vision for next-generation dual-payload antibody-drug conjugates. 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.”

Dr Damir Illich, Manager of Life Sciences at CE-Ventures and Board Director at CrossBridge Bio, said the company stood out early in its development: "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 as they advanced the platform, and we are confident Lilly is an excellent partner to further develop this innovation.”