Morrison & Foerster advised Protomer Technologies, a private biotech company, in connection with the company's sale to Eli Lilly and Company (NYSE: LLY). The potential value of the transaction is over $1 billion with successful achievement of future development and commercial milestones. Lilly previously led an equity investment in Protomer alongside the JDRF T1D Fund.
Protomer is engineering next generation protein therapeutics that can sense molecular activators in the body. Protomer's proprietary chemical biology-based platform enables the development of therapeutic peptides and proteins with tunable activity that can be controlled using small molecules. Protomer has used this approach toward advancing a portfolio of therapeutic candidates, including glucose-responsive insulins that can sense sugar levels in the blood and automatically activate as needed throughout the day.
The MoFo deal team was led by San Diego corporate partner Jim Krenn, together with San Diego corporate associates Andrew Dixon and Carey Hughes and New York corporate associates Stephanie Ference and Miles Gilhuly.