CrossBridge Bio to Be Acquired by Eli Lilly for Up to $300M

CrossBridge Bio, an early-stage dual-payload antibody-drug conjugate (ADC) company, has entered into a definitive agreement to be acquired by Eli Lilly and Company. The transaction gives CrossBridge Bio shareholders total consideration of up to $300 million, including upfront and milestone-based payments.

CrossBridge Bio was founded in 2023 and is advancing CBB-120, a TROP2-targeting ADC that combines a Topoisomerase I inhibitor and an ATR inhibitor, with a planned IND submission in 2026. Linden Lake Labs, which participated in CrossBridge Bio’s seed financing in November 2024, said the acquisition validates CrossBridge Bio’s dual-payload ADC platform.

Linden Lake Labs described CrossBridge Bio’s platform as originally developed at UTHealth Houston and noted the company was founded by Dr. Michael Torres, Dr. Kyoji Tsuchikama, and Dr. Zhiqiang An.