CE-Ventures, the corporate venture capital arm of UAE-based Crescent Enterprises, has announced a significant exit from its portfolio. US pharmaceutical major Eli Lilly and Company has entered a definitive agreement to acquire Houston-based biotechnology firm CrossBridge Bio, a company CE-Ventures backed in its early stages.
Quick Facts
- US pharma giant Eli Lilly to acquire CrossBridge Bio.
- Deal valued at up to $300 million in cash.
- CE-Ventures co-led a $10M financing round in 2024.
From Early Backing to a Landmark Deal
The acquisition validates CE-Ventures’ early conviction in CrossBridge Bio. The Sharjah-based VC platform co-led the biotech company’s $10 million initial financing round in November 2024, providing critical capital at a formative stage. The deal with Eli Lilly is structured with an upfront cash payment, followed by a subsequent payment upon achieving a specific development milestone.
Tushar Singhvi, Deputy CEO and Head of Investments at Crescent Enterprises, commented on the exit, “We are proud to have supported CrossBridge Bio from its early stages and to see the company reach this important milestone with its acquisition. The team has built a highly differentiated platform in innovative therapeutics, and we believe Lilly is ideally positioned to further advance this innovation for the benefit of patients.”
Dr. Michael Torres, Co-Founder and CEO of CrossBridge Bio, acknowledged the early support from the UAE investor. “CE-Ventures was an early believer in CrossBridge Bio and our vision for next-generation dual-payload antibody-drug conjugates (ADCs). Their support at a formative stage helped us move quickly from concept to a differentiated platform.”
A New Approach to Cancer Therapy
Founded in 2023, CrossBridge Bio is developing next-generation targeted cancer therapies. Its platform focuses on dual-payload antibody-drug conjugates (ADCs), which are designed to deliver two different therapeutic agents directly to tumor cells. This approach aims to improve treatment effectiveness and help overcome resistance issues seen in existing therapies.
The company’s lead candidate, CBB-120, targets TROP-2, a glycoprotein found on the surface of many cancer cells. CrossBridge Bio anticipates submitting an Investigational New Drug application for CBB-120 in 2026.
Dr. Damir Illich, Manager of Life Sciences at CE-Ventures and a Board Director at CrossBridge Bio, added, “CrossBridge Bio stood out early to us as a leader in dual-payload ADC development. We are confident that Lilly is an excellent partner to further develop this innovation.”
About CE-Ventures
CE-Ventures is the corporate venture capital platform of Crescent Enterprises, and invests in transformative businesses across industries, including consumer, deep-tech and biotech. CE-Ventures backs visionary entrepreneurs by providing capital, resources, and a global network to build and scale exceptional businesses that drive long-term value.
Source: Zawya
