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.

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.

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’s chief scientific officer said the company purchased a cancer drug from the startup Scorpion Therapeutics because it "checked all the boxes."

The pharma will spend up to $2.5 billion to acquire an experimental PI3K inhibitor from Scorpion, which will spin out a new company holding its employees and other assets.

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.