OmniAb signs Lilly deal with $370 million milestones

• OmniAb signed a global collaboration and license agreement with Eli Lilly for a new ion channel discovery program.
• OmniAb shares were up 19.5% at $4.04 in Monday trading following the announcement.
• OmniAb will receive an undisclosed upfront payment and could receive up to $370 million in milestone payments plus tiered royalties.

OmniAb (NASDAQ:OABI) signed a global collaboration and license agreement with Eli Lilly (NYSE:LLY) covering a new ion channel drug discovery program.

The agreement gives OmniAb an upfront payment of undisclosed size and eligibility for up to $370 million in research, development and commercial milestones.

OmniAb will also be eligible for tiered royalties on global net sales, while the companies have not disclosed the program's therapeutic target or modality.

OmniAb said its ion channel discovery and screening technologies will support the program.

Following the announcement, OmniAb's share price was up 19.5% at $4.04.

OmniAb reported Q2 2026 revenue of $13.4 million, up from $3.9 million a year earlier, while its quarterly net loss narrowed to $5.9 million.

Following recent licensing activity, OmniAb raised its expected 2026 year-end cash balance to $49 million–$53 million from its previous $37 million–$41 million forecast.