South Korean biotech company ABL Bio Inc. secures $55 million in funding from Eli Lilly and Co., including a $40 million upfront payment and a $15 million equity investment. The funds will be used to advance research and development of core technologies, expand indications for the Grabody platform, and progress antibody-drug conjugate programs. Both companies are collaborating on multiple therapeutic candidates leveraging the Grabody platform. ABL Bio plans to extend Grabody into areas like obesity and muscle disorders, as well as advance bispecific immuno-oncology candidates into combination therapies. ABL Bio’s stock is trading 5.76% higher, while Eli Lilly’s stock closed at $1,076.98 on the NYSE.

Read more at Nasdaq: ABL Bio Secures $55 Mln R&D Funding From Eli Lilly