Eli Lilly and Company (LLY) has agreed to acquire Ajax Therapeutics, Inc., a clinical-stage biotech developing next-generation JAK2 inhibitors, in a deal valued at up to $2.3 billion. The acquisition aims to strengthen Lilly's position in blood cancers and accelerate development of Ajax's lead candidate, AJ1-11095.
Myelofibrosis and polycythemia vera are myeloproliferative neoplasms (MPNs) in which current JAK2 inhibitors often lose effectiveness over time, leading many patients to discontinue treatment. Ajax's approach centers on a first-in-class Type II JAK2 inhibitor, designed to bind a different conformation of the JAK2 protein than existing Type I inhibitors. This mechanism may offer deeper and more durable disease control.
AJ1-11095: A new class of JAK2 inhibition
AJ1-11095 is an investigational, once-daily oral therapy currently being evaluated in the Phase 1 AJX-101 trial in patients with myelofibrosis previously treated with a Type I JAK2 inhibitor. Dose selection for future studies is expected in 2026, with proof-of-concept clinical data anticipated later this year.
Lilly, an early strategic investor in Ajax, said the therapy's unique binding profile could potentially allow patients to remain on treatment longer and be used in both first-and second-line settings. The company plans to rapidly advance AJ1-11095 into registrational trials following the Phase 1 readout.
Transaction detailsUnder the agreement, Ajax shareholders could receive up to $2.3 billion in cash, including an upfront payment and milestone-based payments tied to clinical and regulatory achievements. The deal is subject to customary closing conditions, including antitrust clearance under the Hart-Scott-Rodino Act.
About Ajax TherapeuticsAjax was founded to develop more selective and potent JAK2 inhibitors for patients with MPNs, leveraging structural biology insights and computational drug-design capabilities from its collaboration with Schrödinger, Inc. Its scientific leadership includes Ross Levine, MD, of Memorial Sloan Kettering Cancer Center.
LLY has traded between $623.78 and $1133.95 over the past year. The stock closed Friday's (April 24, 2026) trading at $883.96, down 3.67%. In pre-market trading, the stock is at $885.79, up 0.18%.
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