BioMS and Lilly Partnership
On December 17, 2007 BioMS Medical and Eli Lilly and Company (NYSE: LLY) announced a global licensing and development agreement granting Lilly exclusive worldwide rights to BioMS Medical's lead multiple sclerosis (MS) compound, dirucotide.
Under the terms of the agreement, Eli Lilly and BioMS Medical will collaborate on the development of dirucotide and will also share in certain development costs with Eli Lilly being responsible for future R&D, manufacturing and marketing activities. BioMS Medical received an upfront payment of $87 million, as well as potential development and sales milestones up to $410 million and escalating royalties on sales commensurate with the current stage of development of the product if dirucotide is successfully commercialized. BioMS Medical will continue to oversee the current clinical trials. Other terms of the deal were not disclosed.