US pharmaceutical company Eli Lilly and Company (NYSE:LLY) and Ajax Therapeutics Inc, a biopharmaceutical company developing next generation JAK inhibitors for patients with myeloproliferative neoplasms (MPNs), announced on Monday a definitive agreement for Lilly to acquire Ajax.

Ajax's lead asset, AJ1-11095, is an investigational, once-daily oral, first-in-class Type II JAK2 inhibitor currently being evaluated in a Phase 1 clinical trial, AJX-101, in patients with myelofibrosis who have previously been treated with a Type I JAK2 inhibitor. The Phase 1 trial began in late 2024 and dose selection for future clinical development is expected in 2026.

Under the terms of the agreement, Lilly will acquire Ajax and Ajax shareholders could receive up to USD2.3bn in cash, including an upfront payment and subsequent payments upon the achievement of certain clinical and regulatory milestones.

The transaction is subject to customary closing conditions, including approval under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.