United States-based Rigel Pharmaceuticals Inc (Nasdaq: RIGL) announced on Wednesday that it has completed its license agreement with United States-based Eli Lilly and Company.

This move is subsequent to the expiration of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976.

Both firms have signed a global exclusive license agreement and strategic collaboration to co-develop and commercialise Rigel's R552, a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor, for all indications including autoimmune and inflammatory diseases. Based on the partnership, Eli Lilly will also head all clinical development of penetrating RIPK1 inhibitors in central nervous system diseases.

According to the terms of the contract, Rigel has received a USD125m upfront cash payment from Eli Lilly. Additional details about the collaboration can be found in Rigel's Form 8-K filed with the Securities and Exchange Commission on 18 February 2021.