Lilly pays $1B for Protomer
Interested in Insulin
Global healthcare giant Eli Lilly and Company will pay as much as $1 billion for Pasadena, California-based, privately-held biotech Protomer Technologies to gain access to an experimental glucose-responsive insulin. Protomer develops drugs that respond to "molecular activators" like glucose, which is elevated to unhealthy levels in people with diabetes.
In 2015 Lilly joined with the Juvenile Diabetes Research Foundation (JDRF) to provide Protomer with venture funding. Lilly, which owned a 14 percent stake in the biotech, is acquiring the remainder of the stock of Protomer beyond its initial investment.
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, according to Lilly.
As Ruth Gimeno, vice president, diabetes research and clinical investigation at Lilly, explained, "Lilly has long strived to make life better for people living with diabetes, and we have a continued determination to provide real solutions, including innovation in insulin therapy. Glucose-sensing insulin is the next frontier and has the potential to revolutionize the treatment and quality of life of people with diabetes by dramatically improving both therapeutic efficacy and safety of insulin therapy. Protomer's glucose-sensing insulin program, based on its proprietary molecular engineering of protein sensors (MEPS) platform, is showing significant promise and Lilly is excited to enhance our diabetes pipeline with the company's innovative technology."
Alborz Mahdavi, CEO and founder of Protomer, said, "We are excited to join Lilly, a leader in diabetes therapies, and advance our science with their support to better serve the needs of patients. This transaction validates our team's accomplishments, and we look forward to continuing our important work together with Lilly. We have been supported by JDRF since our inception, and working closely with one of the leading organizations in type 1 diabetes research has been invaluable for us. The Protomer team is excited to embark on the next chapter of our work at Lilly as we focus our efforts on advancing glucose-responsive insulins and accelerating the development of these next-generation protein therapeutics."
Katie Ellias, managing director at the JDRF T1D Fund, added, "This is a significant milestone for the T1D community and a key step to bring the promise of Protomer's game-changing technology one step closer to the clinic. Our early support and investment in Protomer is emblematic of our Fund's mission to help companies with novel science accelerate next generation life-changing therapies for people living with T1D. We are thrilled Protomer has found a home at Lilly, a company that shares our commitment to delivering solutions to the diabetes community."
Diabetes researchers have been trying to develop a glucose-responsive insulin since the 1970s, but they have struggled with a lack of speed and sensitivity. That could change, because Novo Nordisk started a Phase 1 trial of an experimental project last year, and Lilly could accelerate its program by acquiring Protomer. Lilly and Novo, the world's leading diabetes drug developers, are highly competitive. Their non-insulin glucose-controlling injections Trulicity and Victoza have been fighting for market share for many years, along with long-acting insulin products Basaglar and Tresiba, according to BioPharma Dive.