As part of the deal, SCRI will collaborate with Lilly to provide clinical development expertise and program design, as well as medical oversight and trial management.
The company noted that patient enrollment for the initial Phase II clinical trial is currently underway.
SCRI CEO Dee Anna Smith said: "Our clinical trial management capabilities and scientific leadership, combined with Lilly’s leading drug development expertise, furthers our mission to advance therapies for patients seeking novel cancer medicines.
"Through partnerships like this one, we can accelerate the time it takes to bring clinical trials into communities for those fighting cancer."
The collaboration supports the development of this new targeted cancer therapy, including flexible and efficient program design and implementation.
The deal will also see more rapid patient enrollment to clinical trials by evaluating SCRI’s large network of patients.
SCRI, which is the research arm of HCA’s global cancer enterprise Sarah Cannon, conducts community-based clinical trials in oncology, cardiology and orthopedics through affiliations and has a network of more than 1,000 physicians across the US and the UK.