Eli Lilly is spending $100 million for a stake in Cambridge-based Dicerna Pharmaceuticals as part of a licensing deal to gain access to the biotech's gene-silencing technology.
The companies expect to collaborate on developing more than 10 experimental drugs to treat pain, neuro-degenerative diseases and cardio-metabolic disorders, utilizing Dicerna's proprietary GalXC™ RNAi technology platform to progress new drug targets toward clinical development and commercialization.
For the use of Dicerna’s GalXC gene-silencing platform, Lilly will pay the company $100 million upfront and buy a $100 million equity stake at a per share price of $18.47.
Gene-silencing, which is attracting the attention of numerous drugmakers, works by targeting and silencing specific genetic material and blocking the production of disease-causing proteins.
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