On Mar. 19, 1986, Eli Lilly acquired San Diego-based Hybritech for $300 million. Hybritech was a leading producer of medical diagnostic devices based on monoclonal antibody technology. Founded in 1978, Hybritech was a leader in monoclonal antibody technology.

Eli Lilly aimed to rapidly expand its biotechnology expertise, believing purchasing Hybritech was faster than developing internal capabilitie.

The deal involved a combination of cash, warrants for Lilly stock, and contingent-payment units (CPUs) valued around $32 per share.