Lilly and Repertoire Strike $1.93 Billion Autoimmune Therapies Deal

• Repertoire will receive $85 million upfront plus up to $1.84 billion in development and commercial milestone payments, along with tiered royalties on net sales
• The collaboration aims to develop treatments that restore immune function and achieve durable remission without generalized immune suppression common in current therapies
• Lilly continues aggressive immunology expansion following its $3.2 billion Morphic Holding acquisition in 2024, seeking growth beyond Zepbound and Mounjaro blockbusters

Lilly and Repertoire Strike $1.93 Billion Autoimmune Therapies Deal

Deal Structure:

Eli Lilly has partnered with Massachusetts-based biotech Repertoire Immune Medicines in a deal valued at up to $1.93 billion. Repertoire will receive $85 million upfront, with up to $1.84 billion in additional payments tied to development and commercial milestones, plus tiered royalties on net sales.

Strategic Focus:

The collaboration aims to develop therapies that restore immune system function and achieve durable disease remission without the generalized immune suppression associated with current treatments. Lilly gains access to Repertoire's Decode platform, which analyzes how T cells recognize and bind to diseased cell targets to identify therapy candidates.

Partnership Terms:

Repertoire will lead early discovery efforts, while Lilly will handle clinical development, manufacturing, regulatory affairs, and commercialization. Repertoire previously partnered with Pfizer to develop T-cell-based therapies for advanced prostate cancer using the same platform.

Strategic Context:

This deal aligns with Lilly's aggressive expansion in immunology, following its $3.2 billion acquisition of Morphic Holding in 2024 to strengthen its inflammatory bowel disease portfolio. The company's current immunology portfolio includes Olumiant, Taltz, and Omvoh, treating conditions like arthritis, psoriasis, and ulcerative colitis.

Market Implications:

Lilly is actively diversifying beyond its blockbuster weight-loss and diabetes drugs Zepbound and Mounjaro, seeking new growth drivers in the lucrative autoimmune disease market. The deal demonstrates continued consolidation in the biotech sector and highlights the value of innovative drug discovery platforms in securing major pharmaceutical partnerships.