Eli Lilly to acquire Ajax Therapeutics in up to $2.3B deal, adding a first-in-class Type II JAK2 inhibitor to strengthen its blood cancer pipeline.
Eli Lilly agreed to acquire Ajax Therapeutics in a deal worth upwards to $2.3 billion.
Emerging Pharma Leaders nominations are now open!
Do you know someone who can make tough decisions that continue to face manufacturers? Are they destined to change the future of pharma?
Nominate a colleague with impressive leadership and career intentions – even yourself! – for the Pharmaceutical Executive 2026 Emerging Pharma Leaders Awards.
The deal provides Lilly a first-in-class Type II JAK2 inhibitor to add to its oncology pipeline while also deepening its presence in blood cancers following a series of major acquisitions such as its $7 billion
Under the terms of the agreement, Ajax shareholders are set to receive an upfront payment along with additional milestone payments upon achievement of certain clinical and regulatory targets, for total potential consideration of up to $2.3 billion.1
The transaction is subject to customary closing conditions including Hart-Scott-Rodino antitrust clearance. Lilly was previously a founding strategic investor in Ajax, giving it firsthand familiarity with the program before committing to a full acquisition.
Martin Vogelbaum, co-founder and CEO of Ajax, said: "We started Ajax to build on the work of its five scientific founders, who sought to develop a novel class of selective and more potent JAK2 inhibitors to address the significant unmet need of patients with MPNs. We now look forward to Lilly advancing AJ1-11095 through the clinic and providing a much-needed new therapy for patients with MPNs."
AJ1-11095 is an investigational once-daily oral Type II JAK2 inhibitor currently in the Phase I AJX-101 clinical trial in patients with myelofibrosis who have previously received a Type I JAK2 inhibitor.2 The distinction between Type I and Type II binding is central to the drug's potential value.
All currently approved JAK2 inhibitors for myeloproliferative neoplasms, a group of blood cancers including myelofibrosis and polycythemia vera, bind the Type I confirmation of JAK2. While these drugs provide clinical and symptomatic relief, many patients discontinue treatment due to loss of response or lack of durable benefit over time.2 AJ1-11095 was designed to bind JAK2 in the Type II confirmation, a structurally distinct approach intended to deliver deeper and more durable efficacy, and to provide a treatment option specifically for patients who have become resistant to existing Type I inhibitors.
The Phase I trial began in late 2024 and is a non-randomized, open-label, multi-center dose escalation study designed to evaluate safety, tolerability, pharmacokinetics, and early clinical activity, with dose selection for future development expected in 2026.2 Clinical proof-of-concept data are expected later in 2026.
"As a founding strategic investor in Ajax, Lilly has long believed in the approach and is excited about the potential for AJ1-11095 to deliver deeper and more durable efficacy than available treatments with a tolerability profile that would allow for patients to remain on therapy longer and be used across both the first- and second-line settings," said Jacob Van Naarden, executive vice president and president of Lilly Oncology and head of corporate business development. "We look forward to the presentation of clinical proof-of-concept data later in 2026, rapidly advancing AJ1-11095 into registrational clinical trials, and using our expertise in blood cancer to hopefully deliver another important new medicine to patients and hematologists."
Lead with insight with the Pharmaceutical Executive newsletter, featuring strategic analysis, leadership trends, and market intelligence for biopharma decision-makers.
