Lilly to buy Canada cancer drug developer

May 14, 2018

Eli Lilly and Co will buy AurKa Pharma Inc in a deal potentially worth up to $575 million.

Lilly is seeking access to the privately-held firm’s experimental cancer treatment for solid tumors.

AurKa Pharma, based in Montréal, Québec, is a special purpose company created to develop one compound to proof-of-concept. AurKa’s chief drug under development was discovered by Lilly, but the drugmaker sold the compound in 2016 to TVM Capital Life Science, which established AurKa.

Lilly, who purchased Armo Biosciences last week, is pushing to broaden its portfolio of lucrative cancer drugs.

Read the press release