Just months after announcing a $6.5 billion investment in Houston, pharmaceutical giant Eli Lilly is doubling down on the region with the acquisition of local biotech startup CrossBridge Bio.
Founded in 2023, CrossBridge Bio is developing targeted cancer therapies known as antibody-drug conjugates, or ADCs. Its lead candidate, CBB-120, targets hard-to-treat cancers such as breast and lung and is expected to enter clinical trials this year. In 2025, the Cancer Prevention and Research Institute of Texas awarded CrossBridge $15 million to help advance this work.
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“By becoming a part of Lilly, a leader in patient-focused therapeutic development, we are well-positioned to further accelerate the clinical potential of this approach,” Dr. Michael Torres, CrossBridge Co-Founder and CEO, said in a press release.
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CrossBridge Bio’s rapid trajectory underscores Houston’s ability to support companies at every stage – from discovery to commercialization. In just two years, the company has developed promising technology, secured major funding, and reached a successful exit with a global pharmaceutical leader.
CrossBridge operates out of venture capital firm Portal Innovations’ lab space at Helix Park and is backed by a strong network of investors. The company was founded through the Texas Medical Center Innovation’s Accelerator for Cancer Therapeutics, with the TMC Venture Fund as its initial investor.
“This acquisition underscores the strength of Houston’s innovation ecosystem and the Texas Medical Center’s ability to catalyze breakthrough biomedical technologies into venture-backed companies capable of attracting global pharmaceutical partners,” TMC President and CEO William F. McKeon said in a press release.
With backing from investors like TMC Venture Fund and Portal Innovations, and access to hubs such as Helix Park, Generation Park and the Alexandria Center for Advanced Technologies, companies can tap the researchers, clinicians, investors and patients needed to scale breakthrough therapies.
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Eli Lilly’s Presence in Houston
The acquisition builds on Eli Lilly’s growing investment in Houston. Last year, the company announced plans to develop a 236-acre manufacturing facility at Generation Park, which is expected to produce next-generation medicines, including a new GLP-1 pill for weight loss.
Together, these investments reinforce Houston’s position as a full-spectrum life sciences hub – where companies can launch, grow and scale all in one place.
Learn more about Houston’s life sciences ecosystem.