CrossBridge Bio co-founder and CEO Michael Torres. Photo via LinkedIn

Pharmaceutical giant Eli Lilly has acquired Houston biotech startup CrossBridge Bio, which develops antibody-drug conjugates for cancer, in a deal worth up to $300 million. The deal was celebrated by TMC Venture Fund and the University of Texas Health Science Center at Houston last week.

CrossBridge, founded in 2023, is developing ADCs based on research by Kyoji Tsuchikama and Zhiqiang An, both of UT Health Houston. Tsuchikama is an associate professor of medicinal chemistry and a globally recognized ADC pioneer, and An is a professor of molecular science and vice president of drug discovery.

Antibody-drug conjugates (ADCs) are a potent combination of targeted therapy and chemotherapy that kills cancer cells while saving healthy tissue.

Clinical trials for CrossBridge’s primary ADC candidate, CBB-120, are expected to start this year, pending approval from the U.S. Food and Drug Administration (FDA).

“I’m proud of how well our team has executed and advanced our platform in such a short time since the company’s founding,” Michael Torres, co-founder and CEO of CrossBridge, said in a news release. “By becoming a part of Lilly, a leader in patient-focused therapeutic development, we are well-positioned to further accelerate the clinical potential of this approach.”

Under the Lilly deal, CrossBridge shareholders were expected to receive an upfront payment along with a follow-up payment based on the achievement of certain milestones.

In 2024, CrossBridge closed a $10 million seed round. Among the investors in CrossBridge are the Texas Medical Center Venture Fund, CE-Ventures, Alexandria Venture Investments, Portal Innovations, Linden Lake Labs, and the Cancer Prevention and Research Institute of Texas (CPRIT). It was formed in TMC Innovation’s Accelerator for Cancer Therapeutics program."Built within the TMC ecosystem, CrossBridge Bio grew with the support, funding, and resources that helped shape its trajectory. TMC led the company's early financing and watched it evolve from its earliest days to its acquisition by Eli Lilly," William McKeon, president and CEO of the Texas Medical Center, shared in a LinkedIn post. "[This is a] strong reminder that breakthrough science and the right early backing can change what’s possible."
Texas is being hailed as “a dynasty in economic development." Photo via Getty Images.

With boost from Houston, Texas is the No. 1 state for economic development

governor's cup

Texas is on a 14-year winning streak as the top state for attracting job-creating business location and expansion projects.

Once again, Texas has claimed Site Selection magazine’s Governor’s Cup. This year’s honor recognizes the state with the highest number of economic development projects in 2025. Texas landed more than 1,400 projects last year.

Ron Starner, executive vice president of Site Selection, calls Texas “a dynasty in economic development.”

Among metro areas, Houston lands at No. 2 for the most economic development projects secured last year (590), behind No. 1 Chicago and ahead of No. 3 Dallas-Fort Worth.

In praising Houston as a project magnet, Gov. Greg Abbott cites the November announcement by pharmaceutical giant Lilly that it’s building a $6.5 billion manufacturing plant at Houston’s Generation Park.

“Growth in the Greater Houston region is a great benefit to our state’s economy, a major location for foreign direct investment and key industry sectors like energy, aerospace, advanced manufacturing, and life sciences,” Abbott tells Site Selection. “Houston is also home to one of the largest concentrations of U.S. headquarters for companies from around the world.”

In 2025, Fortune ranked Houston as the U.S. city with the third-highest number of Fortune 500 headquarters (26).

Texas retained the Governor’s Cup by gaining over 1,400 business location and expansion projects last year, representing more than $75 billion in capital investments and producing more than 42,000 new jobs.

Site Selection says Texas’ project count for 2025 handily beat second-place Illinois (680 projects) and third-place Ohio (467 projects). Texas’ number for 2025 represented 18% of all qualifying U.S. projects tracked by Site Selection.

“You can see that we are on a trajectory to ensure our economic diversification is going to inoculate us in good times, as well as bad times, to ensure our economy is still going to grow, still create new jobs, prosperity, and opportunities for Texans going forward,” Abbott says.

The health care sector will lead Houston job growth in 2026. Photo via Houston Methodist

Houston poised to add 30,900 new jobs in 2026, forecast says

jobs forecast

Buoyed by the growing health care sector, the Houston metro area will add 30,900 jobs in 2026, according to a new forecast from the Greater Houston Partnership.

The report predicts the Houston area’s health care sector will tack on 14,000 jobs next year, which would make it the No. 1 industry for local job growth. The 14,000 health care jobs would represent 45 percent of the projected 30,900 new jobs. In the job-creation column, the health care industry is followed by:

  • Construction: addition of 6,100 jobs in 2026
  • Public education: Addition of 5,800 jobs
  • Public administration: Addition of 5,000 jobs

At the opposite end of the regional workforce, the administrative support services sector is expected to lose 7,500 jobs in 2026, preceded by:

  • Manufacturing: Loss of 3,400 jobs
  • Oil-and-gas extraction: Loss of 3,200 jobs
  • Retail: Loss of 1,800 jobs

“While current employment growth has moderated, the outlook remains robust and Houston’s broader economic foundation remains strong,” GHP president and CEO Steve Kean said in the report.

“Global companies are choosing to invest in Houston — Eli Lilly, Foxconn, Inventec, and others — because they believe in our workforce and our long-term trajectory,” Kean added. “These commitments reinforce that Houston is a place where companies can scale and where our economy continues to demonstrate its resilience as a major engine for growth and opportunity. These commitments and current prospects we are working on give us confidence in the future growth of our economy.”

The Greater Houston Partnership says that while the 30,900-job forecast falls short of the region’s recent average of roughly 50,000 new jobs per year, it’s “broadly in line with the muted national outlook” for employment gains anticipated in 2026.

“Even so, Houston’s young, skilled workforce and strong pipeline of major new projects should help offset energy sector pressures and keep regional growth on pace with the nation,” the report adds.

The report says that even though the health care sector faces rising insurance costs, which might cause some people to delay or skip medical appointments, and federal changes in Medicare and Medicaid, strong demographic trends in the region will ensure health care remains “a key pillar of Houston’s economy.”

As for the local oil-and-gas extraction industry, the report says fluctuations and uncertainty in the global oil-and-gas market will weigh on the Houston sector in 2026. Furthermore, oil-and-gas layoffs partly “reflect a longer-term trend as companies in the sector move toward greater efficiency using fewer workers to produce similar volumes,” according to the report.

Eli Lilly is expected to bring a $6.5 billion manufacturing facility to Houston by 2030. Rendering courtesy Greater Houston Partnership.

Eli Lilly to build $6.5B pharmaceutical factory at Generation Park

coming soon

Pharmaceutical giant Eli Lilly and Co. plans to build a $6.5 billion manufacturing plant at Houston’s Generation Park. More than 300 locations in the U.S. competed for the factory.

The Houston site will be the first major pharmaceutical manufacturing plant in Texas, according to the Greater Houston Partnership.

Lilly said it plans to hire 615 full-time workers for the 236-acre plant, including engineers, scientists and lab technicians. The company will collaborate with local colleges and universities to help build its talent pipeline.

The plant will also generate an estimated 4,000 construction jobs.

Lilly said every dollar it spends in the Houston area will contribute an additional $4 to the local economy.

“This is a transformative moment for the Houston region and our life sciences industry,” Steve Kean, president and CEO of the Greater Houston Partnership, said in a release. “The Lilly project represents one of the largest for-profit life sciences investments in Texas history and is a powerful endorsement of Houston’s growing position as a global hub for innovation, advanced manufacturing, and biomedical excellence.”

The factory, expected to go online by 2030, will make small-molecule medicines for fields such as oncology, immunology and neuroscience. Perhaps most notably, the site will manufacture orforglipron, Lilly's first oral small-molecule GLP-1 medicine for treatment of obesity and type 2 diabetes. The drug is currently undergoing clinical trials.

“Our new Houston site will enhance Lilly’s ability to manufacture orforglipron at scale and, if approved, help fulfill the medicine’s potential as a metabolic health treatment for tens of millions of people worldwide who prefer the ease of a pill that can be taken without food and water restrictions,” David Ricks, chairman and CEO of Lilly, said in a release.

The company said it chose Generation Park, a 4,300-acre, master-planned commercial district near Lake Houston, because of factors such as financial incentives, access to utilities and transportation, and the region’s business-friendly environment. Generation Park is home to campuses for San Jacinto College and Lone Star College.

The plant will be outfitted with machine learning, AI, advanced data analytics, digital automation, and similar tools to streamline operations, Lilly said.

Eli Lilly is looking to build an active pharmaceutical ingredient manufacturing facility at Generation Park. Rendering courtesy of McCord

Pharmaceutical giant looks to bring $5.9 billion facility to Houston

in the works

Pharmaceutical company Eli Lilly and Company is looking to build a $5.9 billion active pharmaceutical ingredient (API) manufacturing facility in Houston, according to a recent filing with the state of Texas.

The proposal states that the project plans to employ 604 full-time direct employees at the site upon ramp-up completion. These would include operations technicians, production specialists, maintenance support, quality control/assurance, engineering, administration, and management. Construction is projected to begin in 2026, with a completion target of 2030 and commercial operations beginning in 2031.

If completed, Lilly would purchase 236 acres at Houston’s Generation Park from McCord Development, the commercial development’s owner. The purchase would include multiple buildings, outdoor facilities, infrastructure buildout, and equipment installation.

This proposed Texas plant would be part of Lilly’s $27 billion effort to expand its U.S. production capacity, which was announced in February and includes construction on four new facilities in America. Lilly has previously referred to the plants as “mega sites.”

"This represents the largest pharmaceutical expansion investment in U.S. history," Lilly CEO David Ricks said during the February news conference.

The company has applied for school tax abatements under the new Texas Jobs, Energy, Technology, and Innovation program, according to reports from the Houston Business Journal. This incentive program allows school districts to limit the taxable value of a property for a portion of school taxes, which could save companies millions of dollars on a large portion of property tax bills. It also gives a 10-year tax cut for new manufacturing and development facilities, as long as there is localized job creation.

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Houston brain health co. secures $6.5M for rare disease study

neuro funding

Houston-based Goldenrod Therapeutics, part of Fannin Partners' portfolio, has announced the initial close of a $6.5 million series seed preferred stock round.

The round was led by Ataxia Ventures and an affiliate of Fannin, according to a news release.

Goldenrod Therapeutics plans to use the funding to support manufacturing, formulation optimization, IND-enabling studies and a Phase I study of its drug to treat brain inflammation, known as 11h.

The study will consider how 11h, which blocks the enzyme PDE4, could treat Friedreich’s ataxia (FA), a rare genetic disease that affects movement, speech and balance. To date, other PDE4 inhibitors have proven to regulate neuroinflammation and neuronal signaling, but have had adverse gastrointestinal side effects or have not reached enough of the central nervous system, according to Goldenrod.

The company says its 11h is expected to have "broad applicability" with limited emetric side effects.

“Our 11h program is a next-generation, orally bioavailable, brain-penetrant PDE4 inhibitor, where researchers overcame longstanding limitations associated with earlier PDE4 inhibitors," Dr. Dev Chatterjee, CEO of Goldenrod, said in the news release. "We believe this creates the potential for a best-in-class therapy for Friedreich’s Ataxia and a potential foundation for development across multiple neurodegenerative and neuroinflammatory disorders.”

11h was first developed at the University of Nebraska Medical Center (UNeMed). Houston-based Fannin Partners in-licensed the product 2020 and landed SBIR Phase I funding to support its initial development for opioid use disorder soon after.

Goldenrod has also received funding to study 11h's effectiveness for multiple sclerosis, methamphetamine addiction and cocaine addiction.

Goldenrod says it is developing 11h to target a variety of neurological and inflammatory conditions, including Alzheimer's disease, multiple sclerosis, ALS, substance use disorders, Batten disease, pain and traumatic brain injury.

27 Houston companies make Fortune 500 for 2026, led by energy giants

Houston HQs

Editor's note: This article has been updated to correct the number of companies based in the Dallas-Fort Worth area.

Houston is a giant among U.S. hubs for corporate headquarters.

The 2026 Fortune 500 lists 27 companies based in the Houston area, with many energy companies claiming top spots. Houston ties with Chicago for the second-most Fortune 500 headquarters, preceded only by New York City (53). Dallas-Fort Worth is home to 24 Fortune 500 headquarters.

Texas leads the nation for Fortune 500 headquarters (57), with California in the No. 2 spot and New York at No. 3.

“Texas is the undisputed headquarters of headquarters,” Gov. Greg Abbott said in a news release. “The world’s leading businesses invest with confidence in Texas because of our welcoming business climate, predictable regulatory environment, and skilled and growing workforce. People and businesses are choosing Texas because Texas works.”

The 2026 Fortune 500 ranks the largest U.S. corporations based on revenue in fiscal year 2025.

Here’s a rundown of the 27 Fortune 500 companies based in the Houston area.

  • No. 9 ExxonMobil
  • No. 21 Chevron
  • No. 29 Phillips 66
  • No.55 Sysco
  • No. 75 ConocoPhillips
  • No. 89 Enterprise Products Partners
  • No. 103 Plains GP Holdings
  • No. 133 Hewlett Packard Enterprise
  • No. 149 NRG Energy
  • No. 157 Quanta Services
  • No. 164 Baker Hughes
  • No. 173 Occidental Petroleum
  • No. 179 Waste Management
  • No. 201 EOG Resources
  • No. 204 Group 1 Automotive
  • No. 207 Halliburton
  • No. 223 Cheniere Energy
  • No. 236 Corebridge Financial
  • No. 262 Targa Resources
  • No. 266 Kinder Morgan
  • No. 388 Westlake
  • No. 435 CenterPoint Energy
  • No. 438 APA
  • No. 440 Comfort Systems USA
  • No. 455 NOV
  • No. 488 KBR
  • No. 496 Coterra Energy. Oklahoma City, Oklahoma-based Devon Energy and Houston-based Coterra Energy merged in early May, with the combined company retaining the Devon Energy name and the Houston headquarters.

The Greater Houston Partnership notes the Houston area soon will welcome its 28th Fortune 500 company. Expand Energy (formerly Chesapeake Energy), appearing at No. 362 on the 2026 list, says it’s moving its headquarters from Oklahoma City to Spring this year.

As the natural gas producer prepares to relocate to Texas, it’s hunting for a new leader. Nick Dell’Osso stepped down as president and CEO earlier this year. Board Chairman Michael Wichterich is interim president and CEO.

Dell’Osso became president and CEO of Oklahoma City-based Gulfport Energy effective May 28.

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This article first appeared on EnergyCapitalHTX.com.