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 plans to buy Scorpion Therapeutics' experimental cancer therapy for up to $2.5 billion in cash to expand its pipeline of cancer treatments. The company will acquire Scorpion's experimental oral therapy,

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.

US pharma major Eli Lilly is to buy the PI3Kα inhibitor program STX-478 from Scorpion Therapeutics, a private US biotech developing small molecule precision oncology therapies.

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.