Eli Lilly expands neuroscience pipeline with $1B SiteOne acquisition
Published: 20:44 27 May 2025 BST
Eli Lilly and Co (NYSE:LLY) announced it is acquiring SiteOne Therapeutics, a private biotech firm developing small-molecule inhibitors of sodium channels to treat pain and other neuronal hyperexcitability disorders, for up to $1 billion.
This includes the acquisition of STC-004, a Nav1.8 inhibitor being studied for the treatment of pain. Eli Lilly highlighted that STC-004 may represent a next-generation, non-opioid treatment for patients with chronic pain.
STC-004 has completed Phase 1 trials, showing good absorption, tolerability, and improved pain tolerance, and is ready to enter Phase 2 trials.
Per the deal, SiteOne shareholders will receive an upfront payment plus additional milestone-based payments contingent on regulatory and commercial achievements, totaling up to $1 billion.
Mark Mintum, Eli Lilly group vice president of Neuroscience Research and Development, noted the need for an effective non-opioid treatment for 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,” Mintun said.
Dr John Mulcahy, SiteOne CEO, said Eli Lilly’s capabilities and neuroscience leadership will accelerate efforts to reach STC-004’s full potential.
“This acquisition reflects the expertise and dedication of the SiteOne team and marks an exciting new chapter in our mission to transform pain treatment,” Mulcahy said.
Shares of Eli Lilly traded higher on the update, up 17% at $726 shortly before US markets closed on Tuesday.
