Lilly Reports Solid Second-Quart...(echnology company focused on drug discov...)

Date:7/24/2008

echnology company focused on drug discovery and development in the area of oncology. The transaction is expected to close in the second half of 2008, contingent upon approval by SGX shareholders, clearance under the Hart-Scott-Rodino Antitrust Improvements Act and certain other closing conditions. Upon the closing of the transaction in 2008, Lilly expects to incur a one-time charge to earnings for acquired in-process research and development, but it is premature to estimate what that charge will be.

-- The company entered into a licensing and development agreement with TransPharma Medical Ltd. related to TransPharma's ViaDerm-hPTH (1-34) product for the treatment of osteoporosis. The product, which is administered transdermally using TransPharma's proprietary technology, is currently in Phase II clinical testing.

-- The company established an arrangement with TPG-Axon Capital and NovaQuest - the partnering group of Quintiles Transnational - for the Phase III development of the company's two lead molecules for Alzheimer's disease. This arrangement provides TPG-Axon and NovaQuest with success-based milestones and royalties in exchange for funding of Phase III clinical trials for the two molecules. The arrangement also closely aligns the parties' interests to have Quintiles' experts in this therapeutic category execute Phase III trials with optimal speed. This arrangement will provide Lilly greater flexibility to direct internal resources to advance additional molecules in its pipeline.

-- The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMEA) issued a positive opinion supporting the approval of Cymbalta for the treatment of generalized anxiety disorder (GAD).

-- The FDA approved Cymbalta for the management of fibromyalgia, a chronic widespread pain disorder.

-- The company submitted a supplemental New Drug Application (sNDA) to the FDA seeking approval for a new indication for Cymbalta for t
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SOURCE Eli Lilly and Company Copyright©2008 PR Newswire. All rights reserved

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