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Lilly Joins Foghorn in $380 Million Pact for Genetic Cancer Treatments

  • Deal includes $80 million investment in biotech at $20 a share
  • Genetic-focused therapies could add to Lilly’s cancer push
Updated on

Eli Lilly & Co. will spend nearly $400 million to partner with Foghorn Therapeutics Inc., a biotechnology company focused on genetic treatments for cancer. 

Under the terms of the pact, Indianapolis-based Lilly will pay $300 million in cash up front and invest $80 million in Cambridge, Massachusetts-based Foghorn, according to a statement from the companies.