Alchemab Therapeutics has signed a licensing agreement with Eli Lilly and Company for ATLX-1282, a first-in-class investigational program targeting neurodegenerative conditions including amyotrophic lateral sclerosis (ALS).

The agreement is worth up to $415 million, according to Alchemab, and includes an undisclosed upfront payment, along with potential discovery, development and commercialization milestones. Royalties are also included in the terms. Under the deal, Alchemab will oversee early clinical development, after which Lilly will take responsibility for later-stage development and global commercialization.

ATLX-1282 is the first therapeutic candidate to advance from Alchemab’s proprietary discovery platform, which identifies antibodies associated with resilience to severe or currently untreatable diseases. The company said it has analyzed millions of antibody sequences derived from more than 6,000 highly curated patient samples across neurodegeneration, immunology, oncology and healthy ageing.

Using a combination of lab-based biology and protein science, machine learning, and proprietary data analysis tools, Alchemab aims to identify novel therapeutic targets and antibodies with distinct mechanisms of action. The company leverages high-performance computing resources, including Nvidia’s supercomputing infrastructure in Cambridge, UK, to support its discovery process.

The target behind ATLX-1282 was identified from individuals carrying gene mutations that are typically linked to frontotemporal dementia (FTD) but who remained healthy into old age. These samples were collected through a collaboration with the Genetic Frontotemporal Initiative (GENFI), which manages one of the largest global cohorts of FTD patients.

Alchemab reported that the antibody discovered in this cohort led to the identification of a previously uncharacterized receptor, which the company believes plays a neuroprotective role across multiple neurodegenerative diseases, including ALS and FTD. ATLX-1282 targets this receptor and is now ready to enter early-stage clinical testing.

“This is a landmark transaction for Alchemab and the first program to emerge from our discovery engine,” said Jane Osbourn, Chief Executive Officer at Alchemab. “Lilly’s depth of expertise in neurological conditions makes them a strong partner to progress ATLX-1282 through the clinic. We believe this program holds significant promise.”

Osbourn added that the deal also reflects growing confidence in the company’s approach to drug discovery. “Our platform integrates antibody sequencing, computational biology, and data from resilient individuals to uncover new biology. We believe it has strong potential to generate differentiated therapeutic candidates across multiple disease areas.”

The agreement builds on an earlier collaboration between Alchemab and Lilly announced in January 2025. That partnership focuses on the joint discovery and development of up to five novel therapeutic candidates for ALS, based on Alchemab’s antibody discovery capabilities.

Beyond ATLX-1282, Alchemab’s pipeline includes additional preclinical programs in metabolic disease, immunology and oncology, which the company said it plans to progress toward clinical development over the coming years.