Rigel Pharmaceuticals Inc. (NASDAQ: RIGL) received notice that Eli Lilly and Company will terminate their license and collaboration agreement, effective June 15, 2026, according to a company statement.

Lilly notified Rigel on April 16, 2026 of its decision to terminate the February 2021 agreement in its entirety. The original deal granted Lilly exclusive worldwide rights to develop and commercialize ocadusertib, an investigational RIPK1 inhibitor for non-central nervous system diseases, plus additional RIPK1 inhibitors for CNS diseases.

The agreement included provisions for joint development activities and potential milestone payments and royalties to Rigel. Lilly previously terminated the CNS disease program portion of the agreement in November 2025.

Upon termination, Rigel expects to regain full rights to the licensed compounds and related programs. The company stated it does not anticipate receiving future milestones or royalties under the agreement following its termination.

Rigel said it is evaluating the impact of the termination. The RIPK1 inhibitor ocadusertib was previously known as R552 and targets receptor interacting serine/threonine protein kinase 1.

The termination will proceed according to the agreement's terms, including cessation of Lilly's rights to the licensed compounds, subject to applicable transition provisions.