Eli Lilly is acquiring blood cancer drug developer Ajax Therapeutics for up to $2.3B

Eli Lilly has agreed to acquire Ajax Therapeutics, a biopharmaceutical company developing treatments for blood cancers, for up to $2.3 billion in cash, the companies said April 27.

Under the terms of the agreement, Lilly said the consideration is structured in two parts: an initial payment at closing, followed by contingent payments that would be triggered by hitting specified clinical and regulatory targets. The transaction is subject to customary closing conditions, including approval under the Hart-Scott-Rodino Antitrust Improvements Act.

Myelofibrosis — a rare bone marrow disease in which fibrosis progressively impairs the body's ability to produce healthy blood cells — is the target indication for Ajax's lead compound, AJ1-11095, an investigational oral therapy taken once daily that is currently being evaluated in a Phase 1 study, according to Reuters.

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