By Chris Wack

Eli Lilly and Co. said it is buying Protomer Technologies, a private biotech company, in a transaction valued at more than $1 billlion with successful achievement of future development and commercial milestones.

Lilly said Protomer's proprietary peptide- and protein-engineering platform is used to identify and synthesize molecules that can sense glucose or other endogenous modulators of protein activity.

Lilly previously led an equity investment in Protomer alongside the JDRF T1D Fund, providing Lilly with 14% ownership of the company. Lilly is acquiring the remainder of the stock of Protomer beyond its initial investment.

Lilly said there will be no change to its 2021 adjusted earnings per share guidance as a result of this transaction.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

07-14-21 0722ET