Under the deal, Merus will lead discovery and early-stage research efforts, while Loxo Oncology will handle additional research, development, and commercialization activities. Merus will receive $40 million in cash upfront, as well as an additional $20 million in equity investment by Lilly in Merus common shares, according to the vendors.

What's more, Merus is also eligible to receive up to $540 million in potential development and commercialization milestones per product, for a total of up to approximately $1.6 billion for three products. In addition, it will receive tiered royalties on product sales of any therapy commercialized from this collaboration, the companies said.

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