Eli Lilly (NYSE:LLY) has reached a definitive agreement to acquire Ajax Therapeutics, a biotechnology firm specializing in next-generation therapies for myeloproliferative neoplasms (MPNs).
The deal, valued at up to $2.3 billion in total cash considerations, includes an upfront payment and subsequent milestone-based payouts.
The center of the acquisition is AJ1-11095, an investigational, once-daily oral Type II JAK2 inhibitor currently in a Phase 1 clinical trial.
While existing Type I JAK2 inhibitors provide symptomatic relief for patients with myelofibrosis and polycythemia vera, many patients eventually discontinue treatment due to a loss of response.
AJ1-11095 is designed to selectively bind the Type II conformation of the JAK2 kinase, a mechanism intended to deliver deeper disease control and overcome resistance seen with traditional therapies.
Lilly, an early strategic investor in Ajax, expects to see dose selection and initial proof-of-concept data for the lead program later in 2026.
The pharmaceutical giant plans to move the asset rapidly toward registrational trials following the close of the transaction.
The acquisition remains subject to customary closing conditions, including antitrust clearance under the Hart-Scott-Rodino Act.
Upon completion, Lilly will reflect the financial impact of the deal in its GAAP results, further cementing its expansion into precision oncology and specialized hematology markets.