Eli Lilly has entered into a strategic collaboration with Repertoire Immune Medicines focused on the development of T–cell–targeting therapies for autoimmune diseases. The agreement includes an upfront payment of $85 million to Repertoire, with the potential for up to $1.84 billion in additional payments tied to development and commercial milestones.
The collaboration marks Lilly’s second immunology-related transaction of the year. Earlier in January, the pharmaceutical company completed an acquisition of Ventyx Biosciences, a move that added a portfolio of oral medicines for inflammatory diseases to its pipeline. Those assets include programs targeting NLRP3, a component involved in inflammatory pathways.
Under the newly announced agreement, Lilly will gain access to Repertoire’s proprietary DECODE platform. The platform will be used to support the discovery and advancement of tolerizing therapies for autoimmune diseases, although the specific indications targeted under the collaboration have not been disclosed.
Responsibility for the early stages of research will remain with Repertoire until development candidates are nominated. At that point, Lilly will take over leadership of clinical development activities, as well as manufacturing, regulatory submissions, and commercialization efforts.
Financially, the agreement provides Repertoire with multiple potential revenue streams. In addition to the upfront payment and milestone-based compensation, the company will also be eligible to receive tiered royalties on net sales should any therapy developed through the partnership reach the market.
The DECODE platform is designed to characterize interactions within the adaptive immune system by identifying how T cells recognize and respond to specific antigens. The technology focuses on defining immune synapses by determining which epitopes are presented by antigen-presenting cells and which T-cell receptors recognize those epitopes. The platform also evaluates how those interactions influence T-cell behavior, allowing researchers to distinguish immune responses associated with disease from those that maintain normal immune function.
Repertoire Chief Executive Officer Torben Straight Nissen emphasized the importance of this capability when discussing autoimmune disease research. “That’s really been the big missing link,” he said.
Lilly is not the first large pharmaceutical company to partner with Repertoire to use the DECODE platform. In April 2024, Bristol Myers Squibb entered into a collaboration with Repertoire that included a $65 million upfront payment and up to $1.8 billion in potential future payments. That agreement focused on the co-development of tolerizing vaccines for up to three autoimmune diseases. In 2025, Roche’s Genentech unit also entered into a separate collaboration with Repertoire, offering up to $765 million to apply the DECODE platform to autoimmune disease development.
Beyond autoimmune research, Repertoire has partnered with Pfizer on efforts involving T-cell–targeted medicines in oncology. In that context, the company applies its platform to the identification of tumor-specific epitopes. The DECODE platform itself has been developed over nine years and is described as both industrialized and scalable.
Repertoire currently employs 85 people and has stated that it plans to keep its workforce size flat. According to the company, some employees will transition to support the Lilly collaboration. Repertoire has also indicated that it is not seeking to raise capital in the near term and is not planning an initial public offering, though it may conduct a private financing round at a later date
Eli Lilly Signs Immunology Collaboration With Repertoire Immune Medicines
Eli Lilly has entered a strategic collaboration with Repertoire Immune Medicines to develop tolerizing therapies for autoimmune diseases, marking a major expansion of Eli Lilly’s immunology efforts. This partnership, potentially worth up to $1.93 billion, aligns Eli Lilly’s clinical development expertise with Repertoire’s cutting-edge DECODE platform to create next-generation treatments aimed at restoring immune balance without broad immune suppression.
Under the terms of the agreement, Repertoire Immune Medicines will receive an $85 million upfront payment with the potential to earn up to $1.84 billion in milestone payments and royalties based on development and commercial success, further strengthening Eli Lilly’s commitment to breakthrough immunology innovation.
