OmniAb rises on drug discovery deal with Lilly worth up to $370 mln

Shares of biotech firm OmniAb OABI.O rise 24% to $4.27 premarket

Co says it signed a global collaboration and license agreement with Eli Lilly LLY.N for a new ion channel drug discovery program

Says it will receive an upfront payment and is eligible for up to $370 mln in research, development and commercial milestone payments

Ion channels are proteins that help control signals in cells and are targets for treatments across several diseases

OmniAb says the partnership will use its antibody discovery platform and ion channel screening expertise

Agreement also includes tiered royalties on global net sales; therapeutic target and drug type were not disclosed

As of last close, stock up ~83% YTD