Eli Lilly and Company to acquire Ajax Therapeutics for up to $2.3B, advancing AJ1-11095, a Phase 1 Type II JAK2 inhibitor for myelofibrosis with FDA Orphan Drug status.
Written By: Samiksha Jadhav, BPharm
Reviewed By: Pharmacally Editorial Team
Eli Lilly and Company has entered into a definitive agreement to acquire Ajax Therapeutics in a deal valued at up to $2.3 billion, including upfront and milestone-based payments linked to clinical and regulatory achievements.
The transaction reflects Lilly’s continued focus on expanding its oncology pipeline, particularly in hematologic malignancies, through targeted acquisitions and internally aligned innovation strategies.
The acquisition is centered on Ajax’s lead investigational therapy, AJ1-11095, a once-daily oral, first-in-class Type II JAK2 inhibitor. The candidate is currently being evaluated in a Phase 1 clinical trial (AJX-101) involving patients with myelofibrosis who have previously been treated with Type I JAK2 inhibitors.
The U.S. Food and Drug Administration has granted Orphan Drug Designation to AJ1-11095 for the treatment of myelofibrosis, supporting its development in this rare disease setting. This population represents a significant unmet need, as many patients experience suboptimal or diminishing responses with currently available therapies.
Myeloproliferative neoplasms (MPNs), including myelofibrosis and polycythemia vera, are commonly managed with approved Type I JAK2 inhibitors that target the active conformation of the JAK2 protein.
While these treatments can provide symptomatic relief, their clinical benefit is often limited by lack of durability or the emergence of resistance. AJ1-11095 has been designed to bind the inactive, or Type II, conformation of JAK2, with the aim of achieving deeper and more sustained responses and potentially overcoming resistance mechanisms associated with current therapies.
The Phase 1 study of AJ1-11095 was initiated in late 2024, with dose selection and initial proof-of-concept data expected in 2026.
Jacob Van Naarden executive vice president and president of Lilly Oncology and head of corporate business development indicated that Lilly has been a long-standing supporter of Ajax’s scientific approach and sees potential for the therapy to improve both treatment durability and tolerability. He added that the company plans to advance the candidate into registrational trials if early clinical data are supportive.
Martin Vogelbaum, co-founder and chief executive officer of Ajax Therapeutics stated that Ajax was founded to develop more selective and potent JAK2 inhibitors based on foundational scientific research, and described AJ1-11095 as a key outcome of that effort. He noted that Lilly’s capabilities in oncology drug development position it to further advance the program.
The transaction remains subject to customary closing conditions, including regulatory clearance, after which it will be incorporated into Lilly’s financial reporting.
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About the Writer
Samiksha Vikram Jadhav is a B. Pharm graduate with a strong academic foundation in pharmaceutical sciences, pharmacology, and drug development. She specializes in pharma market research, with a focused interest in mergers and acquisitions, strategic partnerships, and global pharma and biotech deals. Her work centers on analyzing industry transactions, market positioning, and business strategies, translating complex developments into clear, accurate, and insightful scientific and commercial reporting.
