INDIANAPOLIS - Indianapolis-based Eli Lilly and Co. (NYSE: LLY) and Avidity Biosciences Inc. have announced a new partnership. The global licensing and research collaboration will work toward the discovery, development and commercialization of new medicines in immunology and other areas. 

Under the agreement, Avidity will receive an upfront payment of $20 million and an investment of $15 million. Avidity is also eligible to receive up to  $405 million per target for development, regulatory and commercialization advancements.

"We are excited to expand our oligonucleotide research and development efforts through this strategic collaboration with Avidity," said Andrew C. Adams, chief scientific officer for RNA therapeutics at Lilly, in a news release. "Their expertise in studying the combination of monoclonal antibodies and oligonucleotide-based therapies represent a promising avenue of research toward development of new RNA-based medicines."

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