OmniAb and Eli Lilly are collaborating on a new ion channel program for drug discovery. Under the OmniAb and Eli Lilly deal, OmniAb will receive an undisclosed upfront payment and could receive up to $370 million in research, development, and commercial milestone payments, along with tiered royalties on global net sales.
In this partnership, OmniAb will contribute its discovery technology and expertise in ion channel screening, while Lilly will participate in the development of the program. The companies have not announced a drug candidate, disease indication, or clinical-stage program.
Ion Channels: the Main Focus of OmniAb and Eli Lilly Deal
Ion channels are proteins that control the movement of electrically charged particles, known as ions, across cell membranes. They help regulate important biological processes and have attracted significant interest as potential drug targets.
However, ion channels can be challenging targets for drug discovery. OmniAb says it has developed proprietary assays and reagent-generation capabilities that can support antibody discovery programs involving ion channels and transporter targets.
Recent progress in the broader field has also highlighted the therapeutic potential of ion channels. For example, Vertex has advanced ion channel medicines including Journavx for pain and Alyftrek for cystic fibrosis, showing that this target class can produce commercially important therapies.
OmniAb Ion Channel Program Uses Specialized Discovery Technology
The OmniAb and Eli Lilly deal gives Lilly access to OmniAb’s technology platform for antibody and target-binding protein discovery.
OmniAb uses engineered transgenic animals, including rats, mice, and chickens, to generate antibodies with human sequences. Its broader discovery approach combines computational antigen design, high-throughput single B-cell screening, and analysis of sequencing data to identify promising candidates.
OmniAb also uses its technology specifically for difficult ion channel and transporter targets. However, the Lilly OmniAb deal should not yet be described as an antibody program because the companies have not disclosed the modality. OmniAb has previously worked on a small-molecule ion channel program, demonstrating that its ion channel activities are not limited to antibodies.
OmniAb Eli Lilly Deal Raises 2026 Financial Guidance
The OmniAb and Eli Lilly deal comes as OmniAb reports stronger expectations for its financial position following recent licensing activity.
The company raised its 2026 cash and cash equivalents guidance to $49 million to $53 million, up from its previous forecast of $37 million to $41 million. OmniAb attributed the improved outlook to recent business development and licensing activity.
Importantly, OmniAb’s entire guidance increase is not a result of the Lilly agreement. The financial update therefore is a part of the company’s broader licensing momentum rather than a direct valuation of the Lilly collaboration.
Lilly Expands Its Drug Discovery Partnerships
Along with the OmniAb and Eli Lilly deal, the pharma giant Lilly is also working with specialized technology companies to expand its drug discovery capabilities.
At the beginning of 2026, Lilly’s had collaborated with Hong Kong-based Insilico Medicine in a $115 million deal to develop healthcare research with AI drugs.
Next Step in the Eli Lilly OmniAb Collaboration
The next step in the OmniAb and Eli Lilly deal will depend on the yet-undisclosed research program. Neither company has publicly identified the therapeutic target, modality, or potential indication.
For now, the OmniAb Eli Lilly partnership highlights the growing role of specialized discovery platforms in pharmaceutical research. If the collaboration produces a viable drug candidate, additional development and commercial milestones could follow.
