Just months after teaming up with London-based MiNA Therapeutics to capitalize on the latter's small activating RNA technology platform, Pharma giant Eli Lilly has inked another RNA deal worth over a billion dollars.

On September 8th, news broke that Dutch biotech ProQR Therapeutics has signed a global licensing and research collaboration with Eli Lilly to develop editing oligonucleotides or EONs using ProQR’s proprietary RNA editing platform, Axiomer. The collaboration intends to advance up to five drug targets toward clinical development and commercialization.

As per the terms, ProQR will receive $50 million from Eli Lilly, comprising an upfront payment of $20 million and $30 million in equity investment. ProQR is also eligible to receive up to $1.25 billion in biobucks if certain development, regulatory, and commercialization milestones are met. In addition, it also stands to gain tiered royalties on product sales.