BeyondSpring to sell portion of equity interest in SEED for $35.4MEli Lilly

BeyondSpring (BYSI) has entered into definitive agreements to sell a portion of its Series A-1 Preferred Shares of SEED Therapeutics for gross proceeds of approximately $35.4M. Upon completion of the transactions, BeyondSpring, together with SEED Technology Limited, a majority-owned indirect subsidiary of the Company, is expected to retain approximately 14.4% of SEED’s outstanding shares. The company said, “Since 2016, BeyondSpring has been at the forefront of TPD innovation, incubating its proprietary TPD technology internally and co-founding SEED with Eli Lilly (LLY) and Company in 2020. Through this pioneering sponsorship, SEED has grown into a leader in TPD, a revolutionary drug discovery approach targeting previously undruggable proteins. SEED has developed a robust pipeline of therapies in oncology and neurodegeneration, leveraging its proprietary molecular glue-based platform.” The $35.4M in proceeds will advance BeyondSpring’s late-stage clinical trials of its lead asset, Plinabulin, ensuring critical resources without diluting shareholder equity.