Eli Lilly acquires ADC biotech CrossBridge Bio for up to $300M
Eli Lilly is acquiring CrossBridge Bio, a Houston-based biotech founded in 2023 that specialises in antibody-drug conjugates (ADCs), for up to $300M. The deal includes an undisclosed upfront payment and a subsequent milestone-linked payout.
CrossBridge raised $10M in seed funding from backers including Texas Medical Center Venture Fund, Crescent Enterprises, and Linden Lake Labs. It had advanced its lead programme into non-GLP toxicology and initiated GMP manufacturing ahead of the acquisition.
ADCs have become one of pharma's hottest deal categories as large drugmakers race to build out oncology pipelines. CrossBridge's dual-payload approach — designed to deliver two toxic warheads at tumours simultaneously — fits squarely into that strategy.
The deal also reflects the maturation of Texas as a biotech hub. CrossBridge received backing from the Cancer Prevention and Research Institute of Texas, a state-backed initiative, and built its team largely within the Texas ecosystem.
CrossBridge's lead asset, CBB-120, is still pre-clinical. At $300M, the deal is milestone-contingent, meaning Lilly's full outlay depends on the programme clearing clinical and regulatory hurdles that many candidates never reach.
Dual-payload ADCs are also a relatively unproven modality. The added complexity of delivering two payloads simultaneously raises manufacturing and safety challenges that single-payload therapies do not face.
CrossBridge is the latest in a string of ADC acquisitions as big pharma scrambles to secure next-generation oncology assets. The deal validates a clear pattern: build a differentiated platform, advance it just far enough to prove the science, and exit before costly late-stage trials. At $300M on $10M raised, the return for seed investors is striking — and a signal to early-stage biotech backers that the ADC space remains a high-conviction bet.
Sources:
Business Wire
Fierce Biotech
BioSpace
The Pharma Letter
Biopharma Dive
FirstWord Pharma
Cooley
Morningstar
CityBiz
Michael Torres's LinkedIn post
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