Indianapolis-based Eli Lilly and Co. (NYSE: LLY) is collaborating with MiNA Therapeutics Limited, a biotechnology company based in London, to develop several novel drug candidates using MiNA’s proprietary RNA technology platform. The deal could be valued at approximately $1.5 billion if all benchmarks are reached.

The company did not share which specific diseases being targeted but did say the research would focus on Lilly’s key therapeutic focus areas.

As part of the partnership, MiNA will apply its RNA platform to up to five targets that Lilly will select.

Lilly says MiNA will receive a $25 million upfront payment and is eligible to receive potential development and commercialization milestones up to a total of $245 million per target. MiNA could also receive tiered royalties based on any product sales resulting from the collaboration.

Lilly will be responsible for the preclinical and clinical development of candidates and will retain exclusive commercialization rights.