• CE-Ventures, Crescent Enterprises’ corporate venture capital platform, co-led CrossBridge Bio’s USD 10 million initial financing round in November 2024
  • Acquisition marks a significant milestone in CE-Ventures’ strategy of backing leading biotech companies developing first- and best-in-class therapeutics

Sharjah, United Arab Emirates: CE-Ventures, the corporate venture capital arm of Crescent Enterprises, today announced that its portfolio company CrossBridge Bio has entered into a definitive agreement to be acquired by US pharmaceutical major Eli Lilly and Company. Under the terms of the agreement, CrossBridge Bio shareholders will receive up to USD 300 million in cash, including an upfront payment and a subsequent payment upon achievement of a specified development milestone.

CrossBridge Bio is a Houston-based biotechnology company founded in 2023, developing next-generation targeted cancer therapies designed to deliver cancer-fighting drugs more precisely to tumour cells. CE-Ventures co-led CrossBridge Bio’s USD 10 million initial financing round announced in November 2024, backing the company at an important stage in its development.

Tushar Singhvi, Deputy CEO and Head of Investments at Crescent Enterprises, said:
“We are proud to have supported CrossBridge Bio from its early stages and to see the company reach this important milestone with its acquisition. The team has built a highly differentiated platform in innovative therapeutics, and we believe Lilly is ideally positioned to further advance this innovation for the benefit of patients.”

Dr. Michael Torres, Co-Founder and CEO of CrossBridge Bio commented: “CE-Ventures was an early believer in CrossBridge Bio and our vision for next-generation dual-payload antibody-drug conjugates (ADCs). Their support at a formative stage helped us move quickly from concept to a differentiated platform, ultimately enabling us to advance toward the clinic and attract a partner like Lilly, an exceptional outcome for the company and the science.”

CrossBridge Bio’s next-generation, dual-payload antibody-drug conjugates (ADCs) are designed to deliver two therapeutic agents directly to cancer cells and is intended to improve treatment effectiveness while helping address some of the resistance challenges seen with existing therapies. Its lead candidate, CBB-120, is a potentially best-in-class dual-payload ADC targeting TROP-2, a glycoprotein present on the surface of cancer cells. The company anticipates submitting an Investigational New Drug application for CBB-120 in 2026.

Dr. Damir Illich, Manager, Life Sciences at CE-Ventures and Board Director at CrossBridge Bio, added:
“CrossBridge Bio stood out early to us as a leader in dual-payload ADC development. It has been a privilege to support the team closely in my role with the company as they advanced the platform, and we are confident that Lilly is an excellent partner to further develop this innovation.”

The acquisition marks an important step for CE-Ventures and reflects its strategy of evidence-based investing in leading biotech companies developing first- and best-in-class therapeutics. It also highlights the progress CrossBridge Bio has made in a relatively short period, from advancing its platform and lead programme to entering into an acquisition agreement with Lilly.

About CE-Ventures

CE-Ventures is the corporate venture capital platform of Crescent Enterprises, and invests in transformative businesses across industries, including consumer, deep-tech and biotech. CE-Ventures back visionary entrepreneurs by providing capital, resources, and a global network to build and scale exceptional businesses that drive long-term value.

www.crescententerprises.com/ce-ventures

About Crescent Enterprises

Crescent Enterprises is a multinational company based in the United Arab Emirates (UAE) with strategic investments across sectors. Established in 2007, the business comprises a diversified group of 57 subsidiaries, affiliates, and investments across 19 countries, and employs more than 1,600 people.

The corporate structure has four platforms: CE-Operates, CE-Invests, CE-Ventures, and CE-Creates. The platforms span various business sectors, including ports, logistics, food and beverages, healthcare, life sciences, and business aviation. They also include business verticals, such as private equity, venture capital, and business incubation.

Crescent Enterprises is a subsidiary of Crescent Group, a family-owned business shaping the MENA region’s economy for over 50 years.

www.crescententerprises.com

About CrossBridge Bio

CrossBridge Bio is a Houston-based startup founded in 2023 that is advancing a novel dual-payload antibody-drug conjugate (ADC) technology developed by Dr. Kyoji Tsuchikama at the University of Texas Health Science Center. The company’s mission is to develop next-generation ADCs with the potential to transform current clinical practice. Its lead asset, CBB-120, is a dual-payload TROP2- targeting ADC that combines a Topo1 inhibitor and an ATR inhibitor, with an expected IND filing in 2026.

CrossBridge Bio is supported by a syndicate of investors, including the Texas Medical Center (TMC) Venture Fund and CE-Ventures, with participation from Alexandria Venture Investments, Portal Innovations, and Linden Lake Labs, as well as non-dilutive funding from CPRIT.

https://crossbridgebio.com/

For media inquiries please contact:

Charlie Scott, cscott@crescent.ae
Ghyna Kurdy, g.kurdy@saharapr.com
CrossBridge Bio: info@crossbridgebio.com