December 14, 2021 -- Loxo Oncology at Lilly and Foghorn Therapeutics will collaborate to create novel oncology medicines by applying Foghorn's proprietary Gene Traffic Control platform. The collaboration includes Foghorn's BRM oncology program, an additional undisclosed oncology target, as well as three additional discovery programs.
Under the terms of the agreement, Foghorn will receive upfront consideration of $300 million in cash and an equity investment by Lilly of $80 million in Foghorn common shares at a price of $20 per share. The terms of the transaction have cleared the required waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Foghorn's BRM-selective program is being developed to address BRG1-mutated cancers using two distinct approaches, including protein degradation and enzymatic inhibition. Foghorn's proprietary Gene Traffic Control platform is a tool for understanding and modulating the chromatin regulatory system.
Loxo Oncology at Lilly was created in December 2019, combining the Lilly Research Laboratories' oncology organization and Loxo Oncology, which was acquired by Lilly in early 2019.