Lilly Buys Into Promising Autoimmune Therapy

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(Image courtesy of Eli Lilly and Co.) (Image courtesy of Eli Lilly and Co.)
INDIANAPOLIS -

Indianapolis-based Eli Lilly and Co. (NYSE: LLY) has announced a co-development agreement on a potential autoimmune therapy. Lilly says it will initially pay Nektar Therapeutics (NASDAQ: NKTR) $150 million and the deal could be go as high as $400 million if development and regulatory milestones are reached.

As part of the deal, Nektar will complete phase 1 clinical development, Lilly will take on the majority of the cost for phase 2 development and Nektar will have the option for participation in phase 3 development.

Lilly Senior Vice President of Biotechnology and Immunology Research Thomas Bumol says "we look forward to working with Nektar to study this novel approach to treating a number of autoimmune conditions. NKTR-358 is an exciting addition to our immunology portfolio and reinforces Lilly's commitment to sustain a flow of innovative medicines in our pipeline."

Global commercialization responsibility will fall on Lilly and, under certain conditions, Nektar will have the option to co-promote in the U.S. The deal must still receive federal anti-trust clearance.

You can connect to more on the agreement by clicking here.

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