Overview
- The acquisition agreement announced Monday between Lilly and Ajax values the biotech at up to $2.3 billion in cash through an upfront payment and milestones, and it still requires Hart-Scott-Rodino antitrust review.
- Ajax’s lead drug, AJ1-11095, is a once-daily oral, first-in-class Type II JAK2 inhibitor in a Phase 1 trial (AJX-101) for myelofibrosis in patients previously treated with a Type I JAK2 drug.
- Type I JAK2 inhibitors can lose effect over time, while AJ1-11095 binds JAK2 in a different shape to target resistance and aim for deeper, longer control in myelofibrosis and polycythemia vera.
- The Phase 1 study began in late 2024, with dose selection expected in 2026 and proof-of-concept data planned later this year as Lilly signals intent to move to registrational trials if results support it.
- Lilly casts the buyout as part of a broader oncology buildout that includes recent deals for Scorpion, Orna, and Kelonia, which analysts say expands its blood cancer capabilities beyond its obesity and diabetes strengths.