Lilly signs deal with Kumquat Biosciences
Shares of Eli Lilly & Co. (LLY) gained 0.6% in premarket trading on Thursday after the company announced a deal with Kumquat Biosciences to develop and commercialize small molecules that utilize Kumquat's immuno-oncology platform. The privately held Kumquat will receive $70 million, with up to $2 billion in available milestone payments. Lilly's stock is up 46.0% this year, while the broader S&P 500 has gained 17.1%.
-Jaimy Lee; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 29, 2021 07:28 ET (11:28 GMT)
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