London-based MiNA will research up to five targets selected by Lilly that aim to address diseases across Lilly's key therapeutic focus areas, according to the companies. Under the deal, Lilly will pay $25 million to MiNA upfront, as well as up to a total of $245 million per target based on additional potential development and commercialization milestones. In addition, MiNA would receive tiered product royalties from the low-single to low-double digits.

For its part, Lilly will be responsible for preclinical and clinical development of any drug candidates and retain exclusive commercialization rights.

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