Eli Lilly said on Monday it plans to buy Scorpion Therapeutics' experimental cancer therapy for up to $2.5 billion in cash to expand its pipeline of cancer treatments.

After selling its PI3Kα program to Eli Lilly, Scorpion will spinout out a different entity, which will be owned by the biotech’s current shareholders.

Eli Lilly has unveiled a $2.5 billion deal to acquire rights to a cancer therapy being developed by Scorpion Therapeutics in a third major transaction announced on the first day of the JPMorgan healthcare conference.

Eli Lilly and Co. announced Monday that it is buying Boston-based Scorpion Therapeutics and its targeted breast cancer treatment program in a deal worth up to $2.5 billion.

Eli Lilly said on Monday it would buy cancer therapy developer Scorpion Therapeutics for up to $2.5 billion in cash. Lilly will acquire Scorpion's experimental oral therapy, STX-478, which is currently being tested in early-stage trials for breast cancer and other advanced solid tumors.

Eli Lilly agreed to acquire Scorpion Therapeutics’ breast cancer treatment program for up to $2.5 billion in cash.

Eli Lilly said it would acquire a cancer program from Scorpion Therapeutics in a deal worth up to $2.5 billion, as it broadens its pipeline.