(Reuters) -Eli Lilly ( LLY ) is in advanced talks to acquire gene editing startup Verve Therapeutics ( VERV ) for up to $1.3 billion, aiming to strengthen its pipeline of experimental medicines, the Financial Times reported on Monday.

The drug maker's acquisition bid includes a payment of almost $1 billion upfront for Verve, and a further $300 million based on the genetic medicines company achieving certain clinical milestones, the report said, citing people familiar with the matter.

The deal could be announced as early as this week, provided talks stay on track, the report added.

Verve Therapeutics ( VERV ) is currently developing a gene therapy to reduce high cholesterol levels, which is expected to be used in combination with other drugs.

Eli Lilly ( LLY ) declined to comment, while Verve Therapeutics ( VERV ) did not immediately respond to a Reuters request for comment outside regular business hours.