Tuesdaycrashbandicootwarped™Private biotechnology company Aktis Oncology has announced its partnership with Lillycrashbandicootwarped™.US) reached a cooperation agreement to develop radiopharmaceuticals for cancer, a deal worth as much as $1.1 billion in terms of milestone payments alone.

As part of the partnership, Lilly will leverage Aktis 'radiopharmaceutical platform to focus on radiopharmaceutical development and commercialization for solid tumors.

Under the terms of the agreement, Aktis will receive an advance payment of $60 million, which is Lilly's equity investment, in addition to potential milestone payments worth up to $1.1 billion.

Aktis CEO Matthew Roden said: "We are pleased to work with Lilly in an effort to increase the number of patients receiving meaningful clinical benefits from targeted radiopharmaceuticals."

The deal comes as the radiopharmaceutical sector is attracting the attention of major pharmaceutical companies. In December last year, Lilly completed its acquisition of radiopharmaceutical developer Point Bipharma for $1.4 billion in cash.