RIGL · Rigel Pharmaceuticals, Inc.

The termination of Rigel's collaboration with Eli Lilly represents a significant strategic shift, as the agreement had provided Rigel with potential milestone and royalty revenue streams while leveraging Lilly's development and commercialization capabilities. The agreement, originally established in February 2021, granted Lilly exclusive worldwide rights to ocadusertib (previously R552) for non-central nervous system diseases and additional RIPK1 inhibitors for CNS applications. With termination effective June 15, 2026, Rigel will regain full control over these programs, allowing the company to potentially pursue alternative partnerships or independent development paths. However, the loss of Lilly's resources and the cessation of future milestone and royalty payments creates immediate financial implications that Rigel must address. The company's disclosure that it is evaluating the impact suggests management is assessing strategic options for the regained assets, which could include seeking new partners, advancing development independently, or potentially discontinuing certain programs. This termination follows the prior discontinuation of the CNS disease program component in November 2025, indicating a progressive unwinding of the collaboration. For investors, the key considerations are Rigel's ability to monetize or advance these programs independently, the potential need for additional capital to fund development, and the strategic direction management will pursue with the regained assets.