Eli Lilly has announced a definitive agreement to acquire SiteOne Therapeutics, a private biotech developing small molecule inhibitors of sodium channels, in an effort to advance non-opioid medicines for pain management.
Key to the deal is STC-004, a phase 2 ready oral Nav1.8 inhibitor being studied for the treatment of pain. STC-004 may represent a next-generation, non-opioid treatment for patients suffering from chronic pain.
"Lilly is eager to continue the development of STC-004 with the outstanding SiteOne team as part of our efforts to advance novel, addiction-free pain therapies. Innovation in pain management is critical to address the unmet needs of millions of patients around the world," said Mark Mintun, Lilly Group vice president, Neuroscience Research and Development.
Under the terms of the agreement, Lilly will acquire SiteOne and SiteOne shareholders could receive up to $1 billion in cash, inclusive of an upfront payment and subsequent payments upon achievement of certain milestones.
Earlier this year, Vertex won approval for its oral non-opioid pain signal inhibitor, Journavx, for moderate-to-severe acute pain, marking the first new class of pain medicine approved in the U.S. in more than 20 years. Journavx also targets NaV1.8, providing effective pain relief without the addictive potential of opioids.