BioArctic (BIOAb.ST): LLY collaboration provides further BrainTransporter platform optionality

Research evidence excerpt

BioArctic (BIOAb.ST): LLY collaboration provides further BrainTransporter platform optionality

Equity Research

22 June 2026 | 8:21AM BST

BioArctic (BIOAb.ST): LLY collaboration provides further

BrainTransporter platform optionality

This morning (Jun 22), BioArctic announced a research and collaboration agreement Rajan Sharma

+44(20)7051-7995 |

with Eli Lilly (LLY, covered by Asad Haider) for a potential new treatment combining rajan.sharma@gs.com

Goldman Sachs International

BioArctic’s proprietary BrainTransporter technology with an undisclosed Eli Lilly drug

Max Da, Ph.D.

candidate in neurodegeneration. The structure of the agreement, with the partner +44(20)7051-8835 | max.da@gs.com

providing the drug candidate/cargo and BioArctic providing the blood brain barrier Goldman Sachs International

Avantika Btechnology, is consistent with the company’s preferred structure as discussed at our +1(332)245-7514 | avantika.b@gs.com

Global Healthcare Conference earlier this month. Per the agreement, BioArctic will Goldman Sachs India SPL

receive an upfront payment of $30mn and is eligible to receive additional milestone

payments of up to $770mn, along with tiered mid-single digit royalties on future

global product sales, if the product reaches the market. Under the collaboration, Lilly

will assume full responsibility for global development and commercialization of the

drug candidate generated.

Our view: We see the collaboration agreement as a positive for BioArctic, as it

provides additional optionality for the company’s BrainTransporter technology

which we see as the key driver of long-term value creation (as discussed here),

building on existing collaborations with Novartis, Bristol Myers Squibb and Eisai.