10:44 AM EDT, 05/27/2025 (MT Newswires) -- (Updates with details starting in the third paragraph.)

Eli Lilly ( LLY ) agreed to acquire SiteOne Therapeutics for up to $1 billion to continue the development of the privately held company's STC-004, a non-opioid pain treatment.

The transaction price included an undisclosed upfront payment and subsequent payments following certain regulatory and commercial milestones, the companies said Tuesday in a statement.

STC-004 is a phase 2-ready Nav1.8 inhibitor being studied for pain treatment.

"The global burden of chronic pain continues to increase, and an effective non-opioid treatment remains elusive," Mark Mintun, Lilly group vice president of neuroscience research and development, said in the statement. Lilly will work with the SiteOne team "as part of our efforts to advance novel, addiction-free pain therapies," he said.

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