Eli Lilly said on Monday it plans to buy Scorpion Therapeutics' experimental cancer therapy for up to $2.5 billion in cash to expand its pipeline of cancer treatments. The company will acquire Scorpion's experimental oral therapy,

Eli Lilly is reenergizing its attempt to challenge Novartis and Roche for a breast cancer market, kicking off the J.P. Morgan Healthcare Conference with a deal to buy Scorpion Therapeutics’ PI3Kα pipeline for up to $2.5 billion.

The pharma will spend up to $2.5 billion to acquire an experimental PI3K inhibitor from Scorpion, which will spin out a new company holding its employees and other assets.

Eli Lilly said on Monday it would buy cancer therapy developer Scorpion Therapeutics for up to $2.5 billion in cash. Lilly will acquire Scorpion's experimental oral therapy, STX-478, which is currently being tested in early-stage trials for breast cancer and other advanced solid tumors.

Lilly will acquire Scorpion's experimental oral therapy, STX-478, which is currently being tested in early-stage trials for breast cancer and other advanced solid tumors

Eli Lilly said on Monday it would acquire cancer therapy developer Scorpion Therapeutics for $2.5 billion in cash.

Eli Lilly (NYSE:LLY) is in advanced discussions to purchase cancer-focused biotech Scorpion Therapeutics for as much as $2.5 billion. Eli Lilly (NYSE:LLY) is expected to pay around $1 billion upfront for the privately owned Scorpion,