Eli Lilly said on Monday it plans to buy Scorpion Therapeutics' experimental cancer therapy for up to $2.5 billion in cash to expand its pipeline of cancer treatments. The company will acquire Scorpion's experimental oral therapy,

Eli Lilly agreed to acquire Scorpion Therapeutics’ breast cancer treatment program for up to $2.5 billion in cash.

Eli Lilly said it would acquire a cancer program from Scorpion Therapeutics in a deal worth up to $2.5 billion, as it broadens its pipeline.

After selling its PI3Kα program to Eli Lilly, Scorpion will spinout out a different entity, which will be owned by the biotech’s current shareholders.

Eli Lilly and Co. announced Monday that it is buying Boston-based Scorpion Therapeutics and its targeted breast cancer treatment program in a deal worth up to $2.5 billion.

Eli Lilly’s chief scientific officer said the company purchased a cancer drug from the startup Scorpion Therapeutics because it "checked all the boxes."

Eli Lilly has unveiled a $2.5 billion deal to acquire rights to a cancer therapy being developed by Scorpion Therapeutics in a third major transaction announced on the first day of the JPMorgan healthcare conference.

The pharma will spend up to $2.5 billion to acquire an experimental PI3K inhibitor from Scorpion, which will spin out a new company holding its employees and other assets.

Lilly will acquire Scorpion's experimental oral therapy, STX-478, which is currently being tested in early-stage trials for breast cancer and other advanced solid tumors