Avidity Biosciences, a biotech developing drugs that deliver bits of RNA and DNA to cells to treat disease, has signed its first strategic pharmaceutical partner.

Eli Lilly (NYSE: LLY) is paying Avidity $20 million upfront—plus $15 million in equity—for the rights to use the La Jolla, CA, startup’s technology to try and develop new medicines.

Avidity is testing combinations of an oligonucleotide—a strand of DNA or RNA designed to match up with a targeted sequence in the body—and an antibody, which helps the drug get into cells where they can affect the creation of proteins.

Other companies are targeting RNA… Read more »