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Three years ago, the biotech firm Loxo Oncology purchased a promising blood cancer pill for $40 million — part of a transaction that involved a near-bankruptcy, entrepreneurs with a keen eye, and a red-eye flight from Chicago to London. Now the medicine could go down as one of the great deals in biotech history, pending further data.

Eli Lilly, which acquired Loxo for $8 billion in January 2019, presented new data on the drug, LOXO-305, at this year’s annual meeting of the American Society of Hematology, which opened this past weekend. 

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