On May 21, Engage Biologics, a preclinical biotechnology company developing a novel non-viral DNA delivery platform, announced it has been acquired by Eli Lilly in a deal valued at up to $202 million.

The acquisition integrates Engage’s Tethosome platform with Lilly’s gene therapy capabilities, aiming to advance next-generation genetic medicines.

Tethosome is a proprietary non-viral DNA delivery system designed to overcome key limitations in DNA therapeutics, including potency, tolerability, and repeat dosing. The platform combines engineered DNA payloads with lipid nanoparticle delivery and mRNA-encoded Tethosome technology to improve targeting and enhance expression, while maintaining durability and programmability.

According to Engage CEO Will Olsen, the company’s progress reflects the potential of a lean team leveraging synthetic biology tools, and the acquisition will accelerate development of new genetic therapies in collaboration with Lilly.

Under the terms of the agreement, Lilly will pay up to $202 million in cash, including upfront and milestone-based payments.

Founded in 2021 and based in San Carlos, California, Engage Biologics was backed by investors including SciFounders, Pioneer Fund, Cal Innovation Fund, Y Combinator, and the Cystic Fibrosis Foundation, along with non-dilutive funding from the Gates Foundation and NIH-NCATS.

The company was co-founded by CEO Will Olsen, formerly VP of mRNA therapeutics at Rejuvenation Technologies, and CTO Ben Hawley, a PhD from the MRC Toxicology Unit at Cambridge and former postdoctoral researcher at Weill Cornell Medicine.