Lilly opens Gate to new small-molecule drug class with $856M biobucks deal

(July 24, 2025) by Gabrielle Masson.

Eli Lilly is walking through the Gate, inking a deal worth up to $856 million with a biotech aiming to build out a new small-molecule drug class.

The pact’s potential value includes an undisclosed upfront payment amount and equity investment in the California biotech Gate Bioscience, according to a July 24 release. The rest of the possible financial value comes from milestone payments plus royalties.