UAE-Headquartered CE-Ventures Backs US-Based CrossBridge Bio’s US$300 Million Sale To Eli Lilly And Company

CE-Ventures, the corporate venture capital arm of the UAE-based investment firm Crescent Enterprises, has announced that its portfolio company, Houston-based CrossBridge Bio, has entered into a definitive agreement to be acquired by the multinational pharmaceutical company, Eli Lilly and Company, in a deal valued at up to US$300 million. 

Founded by Michael Torres and Kyoji Tsuchikama in the US in 2023, CrossBridge Bio develops targeted cancer therapies designed to deliver cancer drugs more precisely to tumor cells. The company’s platform focuses on dual-payload antibody-drug conjugates (ADC), a modality designed to deliver two therapeutic agents directly to cancer cells, with the aim of improving treatment effectiveness while addressing resistance challenges associated with existing therapies. 

CE-Ventures had co-led CrossBridge Bio’s $10 million initial financing round announced in November 2024, supporting the business at a key stage of its development. Speaking to Inc. Arabia, Damir Illich, Manager – Life Sciences at CE-Ventures, shared that his company had been considering continued funding options for CrossBridge Bio, before deciding to move ahead with the acquisition proposal it had received from Eli Lilly. “What made Eli Lilly stand out was the clarity of their intent," Illich said. "Their acquisitions of [enterprises like] Emergence and Mablink signaled a deliberate commitment to building a leading ADC franchise, not a one-off bet. But what really gave us conviction was how early and how clearly they recognized the differentiating features of our dual-payload platform. They came to the table with genuine scientific appreciation for what we had built, and a visible intention to continue developing the lead asset. That combination of strategic focus and authentic conviction around our platform made the decision straightforward.” 

Damir Illich, Manager – Life Sciences at CE-Ventures. Image supplied.

The rationale underpinning this deal is also reflective of CE-Ventures' broader investment thesis—one that, according to Illich, continues to guide how it identifies, evaluates, and backs opportunities in the biotech domain. “In biotech, we will continue with an evidence-based investment approach, focusing on first- and best-in-class therapeutics addressing high unmet medical needs," he said. "And we place our bets when we believe that we have a strong understanding of the disease at the molecular level and a credible path to interfere with it.” That approach, Illich suggested, is particularly relevant in the current investment environment, where geopolitical tensions and macro uncertainty continue to shape capital allocation. “Biotech has shown a notable resilience to macro turbulence that many other sectors don't enjoy," Illich noted. "The science doesn't stop and patient needs don't pause. We've seen this play out recently with the XBI [a US biotech sector exchange-traded fund] up close to seven percent over the last six weeks, at a time when many other sectors have been under significant pressure." 

For other biotech entrepreneurs operating in this environment, Illich said the takeaway is clear. “For founders, the lesson is simple: stay focused on the quality of your science and the clarity of your differentiation—the right investors will find you,” Illich said. “This acquisition of CrossBridge Bio by Eli Lilly is an illustrative proofpoint here—representing how embedded UAE/GCC-based private sector investors are in frontier sectors globally, in a way that complements, and, indeed, in some cases, goes beyond, sovereign investors. The fact that a US biotech pioneer we backed very early is to be acquired by big pharma in a significantly successful strategic deal for all concerned showcases both our investment strategy, and how many sectors have greater geoeconomic connectivity and resilience than often understood.”