Lilly Completes Deal with BioMS, Signs Agreement with Gastrotech

Eli Lilly and Company (Indianapolis, IN) has completed its licensing and development agreement with BioMS Medical Corp. (Edmonton, Alberta, Canada). As part of the agreement, BioMS received an upfront cash payment of $87 million. In December 2007, BioMS Medical entered into a global licensing and development agreement granting Lilly exclusive worldwide rights to BioMS Medical's lead drug, MBP8298, for the treatment of multiple sclerosis (MS).

Lilly has also signed an agreement with Gastrotech Pharma (Copenhagen, Denmark) to in-license a Lilly compound (formerly known as LY307161, now named GTP-010), an analogue of the naturally occurring intestinal hormone GLP-1. The deal follows recent clinical data from a joint Gastrotech and Lilly proof-of-concept study to assess pain reduction associated with irritable bowel syndrome (IBS). Gastrotech now plans to develop GTP-010 to treat IBS. Financial terms of the deal were not disclosed.

BioMS Medical release (PDF)