A startup plans an IPO to give a shelved Lilly drug another shot

Acrivon Therapeutics, a startup developing precision drugs for cancer, has filed to go public just one year after emerging from stealth, according to regulatory filings.
The startup plans to use the proceeds to fund trials of a drug, prexasertib, that was discovered by Array BioPharma but later licensed and then shelved by Eli Lilly. Acrivon obtained rights to the drug in 2021 and is testing it in Phase 2 studies in ovarian, endometrial and bladder cancers.