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Eli Lilly, Avidity Collaborate To Develop New Medicines In Immunology

Eli Lilly and Company (LLY) announced the company has expanded its oligonucleotide research and development strength through a collaboration with Avidity Biosciences, Inc. Avidity is a privately-held biotech company focused on Antibody Oligonucleotide Conjugates.

To utilize Avidity's technology platform, Eli Lilly will make an upfront payment of $20 million, as well as an investment of $15 million. Avidity is also eligible to receive up to approximately $405 million per target for various milestones, as well as tiered royalties.

Eli Lilly noted that there will be no change to the company's non-GAAP earnings per share guidance for the current year.

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