Deals

CrossBridge sells early

14 April 2026

Lilly buys the dual-payload ADC specialist before it’s dosed a single patient.

Barely 18 months after coming out of stealth mode the dual-payload antibody-drug conjugate specialist CrossBridge Bio has struck a deal to be taken over. The acquirer is Lilly, whose move marks the biggest endorsement by big pharma of ADCs that employ multiple payloads.The disclosed biodollar value of the deal is $300m, and ApexOnco understands that over half of this is cash up front. If accurate this would represent a notable amount for a technology in very early development; CrossBridge’s lead project, CBB-120, is still preclinical, and an IND for it isn’t expected to be filed until this year.That might be remarkable, but it’s not actually the highest amount paid for such an approach. A year ago Otsuka's Taiho subsidiary paid $400m, plus a further $740m dependent on future milestones, for Araris, after earlier checking out the group in a discovery collaboration. An IND for Araris’s lead, ARC-401, is similarly expected to be filed this year.ExplosionDual-payload ADCs aim to combat the risk of patients relapsing not only through loss of the target antigen, but also by developing resistance to the payload that an ADC uses, and interest in the approach has exploded in the past couple of years. CrossBridge appears to have benefited from being one of the first biotechs on the scene here. Moreover, the company has long contended that simply attaching two payloads to one MAb wasn’t enough, and to this end developed a specific linker technology to suit the dual approach.And now Lilly has decided to pin its own dual-payload ADC hopes on CrossBridge, in the just announced acquisition. The remainder of $300m biodollar amount comprises a single subsequent payment on the achievement of a development milestone that for now remains confidential.CrossBridge was founded in 2023, but came out of stealth mode with a $10m seed round in November 2024, following this up a year later with a $15m grant from the Cancer Prevention and Research Institute of Texas to complete IND activities for CBB-120. The molecule targets TROP2, and uses a topoisomerase 1 inhibitor and ATR inhibitor for its two payloads.Michael Torres, CrossBridge’s founding chief executive, told ApexOnco that the total takeover value represented a tenfold return for seed investors, implying that the seed round had been done at a $30m valuation. This might be a nascent field of research, but OncologyPipeline reveals already 61 dual-payload ADCs in development, including seven in clinical trials.Innovent was first into the clinic, with the anti-CEACAM5 project IBI3020, and the company now has a second clinical-stage asset too (IBI3028). The upcoming AACR conference is set to highlight research on at least 18 dual-payload ADCs, according to presentation titles released so far. Deal activity involving dual-payload ADCsTarget companyBuyerDateDeal type/termsLead project (target)CrossBridge BioLillyApr 2026Acquisition; $300m biodollar value, over half up frontCBB-120 (TROP2)SutroPublic investorsFeb 2026$110m secondary equity offeringSTRO-227 (PTK7)PhrontlineSamsung BioepisOct 2025Licensing deal; value undisclosedTJ108 (EGFR x HER3)Synaffix (Lonza)QurientSep 2025Discovery collab; value undisclosedUndisclosedArarisTaiho (Otsuka)Mar 2025Acquisition; $400m up front, $740m in future milestonesARC-401 (Nectin-4)CallioSeries A investorsMar 2025$187m financing roundHMBD-802 (HER2)HummingbirdCallioMar 2025Licensing deal; value undisclosedHMBD-802 (HER2)ArarisChugai (Roche)Jan 2025 (exercised Feb 2026)Discovery collab; value undisclosedUndisclosedBiocytogenAcepodiaJan 2025 (expanded Jan 2026)Discovery collab; value undisclosedBCG048 (B7-H3 x integrin β6)CrossBridge BioSeed investorsNov 2024$10m financing round; later received $15m grant from CPRITCBB-120 (TROP2)ArarisTaiho (Otsuka)Nov 2023Discovery collab; value undisclosedUndisclosedSutroAstellasJun 2022Discovery collab; $90m up front, $423m in future milestonesASP2998 (TROP2)Source: OncologyPipeline. Lilly isn’t the first big pharma to invest in this space; Roche’s Chugai division struck a discovery deal with Araris last year, but in the event that company fell to Otsuka. The other significant deal involved Hummingbird licensing dual-payload ADCs to Callio, which then closed a $187m series A round to back their development.One question, given the growing enthusiasm, is why CrossBridge agreed to be bought out at such an early stage; had the company waited to generate at least some positive human data it might have achieved a significantly higher takeover valuation.Torres revealed that he was planning a series A round in which multiple strategic players were expressing an interest, and Lilly came in with a deal where “the metrics are pretty great”. Evidently the promise of a tenfold return and an 18-month exit from seed financing made this too good a deal to turn down.

The disclosed biodollar value of the deal is $300m, and ApexOnco understands that over half of this is cash up front. If accurate this would represent a notable amount for a technology in very early development; CrossBridge’s lead project, CBB-120, is still preclinical, and an IND for it isn’t expected to be filed until this year.

That might be remarkable, but it’s not actually the highest amount paid for such an approach. A year ago Otsuka's Taiho subsidiary paid $400m, plus a further $740m dependent on future milestones, for Araris, after earlier checking out the group in a discovery collaboration. An IND for Araris’s lead, ARC-401, is similarly expected to be filed this year.

Explosion

Dual-payload ADCs aim to combat the risk of patients relapsing not only through loss of the target antigen, but also by developing resistance to the payload that an ADC uses, and interest in the approach has exploded in the past couple of years.

CrossBridge appears to have benefited from being one of the first biotechs on the scene here. Moreover, the company has long contended that simply attaching two payloads to one MAb wasn’t enough, and to this end developed a specific linker technology to suit the dual approach.

And now Lilly has decided to pin its own dual-payload ADC hopes on CrossBridge, in the just announced acquisition. The remainder of $300m biodollar amount comprises a single subsequent payment on the achievement of a development milestone that for now remains confidential.

CrossBridge was founded in 2023, but came out of stealth mode with a $10m seed round in November 2024, following this up a year later with a $15m grant from the Cancer Prevention and Research Institute of Texas to complete IND activities for CBB-120. The molecule targets TROP2, and uses a topoisomerase 1 inhibitor and ATR inhibitor for its two payloads.

Michael Torres, CrossBridge’s founding chief executive, told ApexOnco that the total takeover value represented a tenfold return for seed investors, implying that the seed round had been done at a $30m valuation. This might be a nascent field of research, but OncologyPipeline reveals already 61 dual-payload ADCs in development, including seven in clinical trials.

Innovent was first into the clinic, with the anti-CEACAM5 project IBI3020, and the company now has a second clinical-stage asset too (IBI3028). The upcoming AACR conference is set to highlight research on at least 18 dual-payload ADCs, according to presentation titles released so far.

Deal activity involving dual-payload ADCs

Target company	Buyer	Date	Deal type/terms	Lead project (target)
CrossBridge Bio	Lilly	Apr 2026	Acquisition; $300m biodollar value, over half up front	CBB-120 (TROP2)
Sutro	Public investors	Feb 2026	$110m secondary equity offering	STRO-227 (PTK7)
Phrontline	Samsung Bioepis	Oct 2025	Licensing deal; value undisclosed	TJ108 (EGFR x HER3)
Synaffix (Lonza)	Qurient	Sep 2025	Discovery collab; value undisclosed	Undisclosed
Araris	Taiho (Otsuka)	Mar 2025	Acquisition; $400m up front, $740m in future milestones	ARC-401 (Nectin-4)
Callio	Series A investors	Mar 2025	$187m financing round	HMBD-802 (HER2)
Hummingbird	Callio	Mar 2025	Licensing deal; value undisclosed	HMBD-802 (HER2)
Araris	Chugai (Roche)	Jan 2025 (exercised Feb 2026)	Discovery collab; value undisclosed	Undisclosed
Biocytogen	Acepodia	Jan 2025 (expanded Jan 2026)	Discovery collab; value undisclosed	BCG048 (B7-H3 x integrin β6)
CrossBridge Bio	Seed investors	Nov 2024	$10m financing round; later received $15m grant from CPRIT	CBB-120 (TROP2)
Araris	Taiho (Otsuka)	Nov 2023	Discovery collab; value undisclosed	Undisclosed
Sutro	Astellas	Jun 2022	Discovery collab; $90m up front, $423m in future milestones	ASP2998 (TROP2)

Source: OncologyPipeline.

Lilly isn’t the first big pharma to invest in this space; Roche’s Chugai division struck a discovery deal with Araris last year, but in the event that company fell to Otsuka. The other significant deal involved Hummingbird licensing dual-payload ADCs to Callio, which then closed a $187m series A round to back their development.

One question, given the growing enthusiasm, is why CrossBridge agreed to be bought out at such an early stage; had the company waited to generate at least some positive human data it might have achieved a significantly higher takeover valuation.

Torres revealed that he was planning a series A round in which multiple strategic players were expressing an interest, and Lilly came in with a deal where “the metrics are pretty great”. Evidently the promise of a tenfold return and an 18-month exit from seed financing made this too good a deal to turn down.