Linden Lake Labs Applauds Acquisition of Portfolio Company CrossBridge Bio by Eli Lilly and Company

ROCKVILLE, Md.--(BUSINESS WIRE)--Linden Lake Labs (“L3”), an early-stage life sciences platform committed to advancing innovative therapies, today announced that its portfolio company, CrossBridge Bio, has entered into a definitive agreement to be acquired by Eli Lilly and Company.

Linden Lake Labs participated in CrossBridge Bio’s seed financing round in November 2024, supporting the early development of its differentiated dual-payload antibody-drug conjugate (ADC) platform.

“This milestone reflects the power of investing early in pioneering science and exceptional teams,” said Abhishake Chhibber, Co-Founder of Linden Lake Labs. “At Linden Lake Labs, we are committed to advancing innovative therapies through a life sciences platform—bringing together scientific founders, capital, and strategic capabilities to accelerate breakthrough medicines. CrossBridge Bio is a strong example of that vision in action.”

CrossBridge Bio, founded in 2023 by Dr. Michael Torres, Dr. Kyoji Tsuchikama, and Dr. Zhiqiang An, is advancing a novel dual-payload ADC platform originally developed at The University of Texas Health Science Center at Houston (UTHealth Houston). The company’s lead program, CBB-120, is a TROP2-targeting ADC combining a Topoisomerase I inhibitor and ATR inhibitor, with a planned IND submission in 2026.

Under the terms of the agreement, CrossBridge Bio shareholders could receive up to $300 million in total consideration, inclusive of upfront and milestone-based payments.

“We are proud to have supported CrossBridge Bio from its early financing stages,” said Thomas Haag, Co-Founder of Linden Lake Labs. “The team has executed with remarkable focus, advancing a highly innovative platform in a short period of time. We are excited to see this technology further developed within Lilly’s global infrastructure to potentially benefit patients across oncology.”

This transaction highlights Linden Lake Labs’ strategy of identifying and investing in high-impact scientific platforms at inception and supporting them through key value inflection points.

About Linden Lake Labs

Linden Lake Labs is an early-stage life sciences platform committed to advancing innovative therapies. The firm partners with pioneers to drive breakthroughs in cancer, neurodegenerative, and rare diseases. Linden Lake Labs builds and supports operating companies including Xcellon Biologics, a contract research, development, and manufacturing organization (CRDMO) focused on complex biologics, including antibody-drug conjugates (ADCs), bispecific antibodies, and T cell engagers.