OmniAb, Inc. (NASDAQ: OABI) announced a global collaboration and license agreement with Eli Lilly and Company for an ion channel drug discovery program, according to a press release from the Emeryville, California-based company.

Under the terms of the agreement, OmniAb will receive an upfront payment and is eligible to receive up to $370 million in research, development, and commercial milestone payments, along with tiered royalties on global net sales. The therapeutic target and modality were not disclosed.

The collaboration will use OmniAb's technology platform and its ion channel discovery and screening capabilities.

"We are pleased to enter into this important new relationship with Lilly," said Matt Foehr, OmniAb's Chief Executive Officer. "Lilly is focused on delivering medicines to address major unmet medical needs and our differentiated expertise and established technologies that relate to ion channels are well positioned to help drive this new discovery program."