Eli Lilly signed a deal to acquire Ajax Therapeutics for up to $2.3 billion. The transaction includes an upfront cash payment and future milestone-based payments.
Ajax Therapeutics develops treatments for myeloproliferative neoplasms, a type of blood cancer. The acquisition centers on AJ1-11095, a first-in-class oral drug for myelofibrosis.
The drug is currently in Phase 1 clinical trials. Lilly expects initial proof-of-concept data for the treatment in late 2026.
The deal expands Lilly’s oncology division beyond its core focus on diabetes and obesity.