CE-Ventures Strengthens Portfolio with Eli Lilly’s Acquisition of CrossBridge Bio for Up to $300 Million
Acquisition Agreement Announced
Sharjah, United Arab Emirates — CE-Ventures, the corporate venture capital arm of Crescent Enterprises, has confirmed that its portfolio company, CrossBridge Bio, has entered into a definitive acquisition agreement with Eli Lilly and Company, a major player in the U.S. pharmaceutical industry. The deal, valued at up to $300 million, includes an upfront payment along with additional compensation contingent upon the achievement of specific development milestones.
Background on CrossBridge Bio
Founded in 2023 and based in Houston, CrossBridge Bio specializes in developing next-generation targeted cancer therapies. The company focuses on delivering cancer-fighting drugs with precision to tumor cells. CE-Ventures played a pivotal role in CrossBridge Bio’s growth by co-leading a $10 million initial financing round in November 2024, supporting the company during a critical phase of its development.
Statements from Leadership
Tushar Singhvi, Deputy CEO and Head of Investments at Crescent Enterprises, expressed pride in CE-Ventures’ support for CrossBridge Bio from its inception. He noted the company’s innovative therapeutic platform and emphasized that Eli Lilly is well-positioned to further advance this innovation for patient benefit.
Dr. Michael Torres, Co-Founder and CEO of CrossBridge Bio, acknowledged CE-Ventures as an early supporter of their vision for dual-payload antibody-drug conjugates (ADCs). He highlighted that their backing allowed the company to transition swiftly from concept to a differentiated platform, ultimately leading to the partnership with Eli Lilly.
Technology Overview
CrossBridge Bio is at the forefront of developing dual-payload ADCs, which are engineered to deliver two therapeutic agents directly to cancer cells. This approach aims to enhance treatment efficacy while addressing resistance challenges associated with existing therapies. The company’s lead candidate, CBB-120, targets TROP-2, a glycoprotein found on the surface of cancer cells. CrossBridge Bio anticipates submitting an Investigational New Drug (IND) application for CBB-120 in 2026.
Dr. Damir Illich, Manager of Life Sciences at CE-Ventures and a Board Director at CrossBridge Bio, remarked on the company’s early recognition as a leader in dual-payload ADC development. He expressed confidence that Eli Lilly will be an excellent partner in advancing this innovative technology.
Strategic Implications for CE-Ventures
This acquisition represents a significant milestone for CE-Ventures, aligning with its strategy of evidence-based investing in leading biotech firms focused on developing first- and best-in-class therapeutics. The swift progress made by CrossBridge Bio—from advancing its platform to securing an acquisition agreement with Eli Lilly—underscores the potential of innovative biotech solutions in the healthcare landscape.
About CE-Ventures
CE-Ventures is the corporate venture capital platform of Crescent Enterprises, investing in transformative businesses across various sectors, including consumer goods, deep technology, and biotechnology. The platform aims to support visionary entrepreneurs by providing capital, resources, and a global network to foster exceptional businesses that create long-term value.
For more information, visit CE-Ventures.
About Crescent Enterprises
Crescent Enterprises is a multinational company headquartered in the United Arab Emirates, with strategic investments across multiple sectors. Established in 2007, the organization comprises a diversified group of 57 subsidiaries and affiliates across 19 countries, employing over 1,600 individuals. The corporate structure includes four platforms: CE-Operates, CE-Invests, CE-Ventures, and CE-Creates, encompassing various business sectors such as ports, logistics, food and beverages, healthcare, life sciences, and business aviation.
For more details, visit Crescent Enterprises.
About CrossBridge Bio
CrossBridge Bio is a Houston-based startup founded in 2023, focusing on advancing a novel dual-payload ADC technology developed by Dr. Kyoji Tsuchikama at the University of Texas Health Science Center. The company’s mission is to create next-generation ADCs that could revolutionize clinical practices. Its lead asset, CBB-120, targets TROP2 and combines a Topo1 inhibitor with an ATR inhibitor, with an IND filing expected in 2026.
CrossBridge Bio is backed by a consortium of investors, including the Texas Medical Center (TMC) Venture Fund and CE-Ventures, along with participation from Alexandria Venture Investments, Portal Innovations, and Linden Lake Labs, as well as non-dilutive funding from CPRIT.
For further information, visit CrossBridge Bio.
For media inquiries, please contact:
- Charlie Scott: cscott@crescent.ae
- Ghyna Kurdy: g.kurdy@saharapr.com
- CrossBridge Bio: info@crossbridgebio.com
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Published on 2026-04-14 16:56:00 • By the Editorial Desk
