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 (MBP8298).
Under the terms of the agreement, Lilly and BioMS Medical will collaborate on the development of dirucotide (MBP8298) and will also share in certain development costs with 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 (MBP8298) is successfully commercialized. BioMS Medical will continue to oversee the current clinical trials. Other terms of the deal were not disclosed.
We are working together for new hope.
For more information on Lilly and the partnership please visit: www.lilly.com
"Lilly is pleased to add yet another promising late-stage compound to our portfolio. Multiple sclerosis is a disease with significant unmet patient needs. Dirucotide (MBP8298) has shown potential in slowing the progression of secondary progressive MS, and thus may provide an effective therapeutic option for patients with this debilitating disease. We are also hopeful that dirucotide (MBP8298) may prove beneficial in treating patients with relapsing remitting MS. We intend to fully leverage our expertise in neuroscience to continue the development of this novel molecule."
William W. Chin, M.D.
Vice President, Discovery Research and Clinical Investigation
Eli Lilly and Company