Eli Lilly has made a $15m equity investment in precision medicine developer Avidity as part of a licensing and research collaboration deal.
US-based precision medicine developer Avidity Biosciences has received $15m in equity funding from pharmaceutical company Eli Lilly and Company as part of a strategic partnership agreement.
Founded in 2013, Avidity is developing precision medicines based on its oligonucleotide conjugate technology that are intended to treat muscular dystrophy and atrophy.
The company will receive the equity financing alongside a $20m upfront payment from Eli Lilly, which secured rights to use Avidity’s technology to develop new medicines. Avidity could eventually receive up…
