Lilly and Glenmark Pharmaceuticals Announce License... ( Lilly to Acquire Next Generation ...)

Lilly and Glenmark Pharmaceuticals Announce License Agreement

Date:10/30/2007

Lilly to Acquire Next Generation Molecule GRC 6211 for the Potential

Treatment of Pain, Including Osteoarthritic Pain

INDIANAPOLIS and MUMBAI, India, Oct. 30 /PRNewswire-FirstCall/ -- Eli Lilly and Company (NYSE: LLY) today announced that it has entered into an agreement with Glenmark Pharmaceuticals S.A. (GPSA) a wholly owned subsidiary of Glenmark Pharmaceuticals Limited India (GPL). Under the terms of the agreement, Lilly will acquire the rights to a portfolio of transient receptor potential vanilloid sub-family 1 (TRPV1) antagonist molecules, including a clinical compound, GRC 6211. GRC 6211 is currently in early clinical Phase II development as a potential next-generation treatment for various pain conditions, including osteoarthritic pain.

Under the terms of the agreement, Glenmark will receive an upfront fee of $45 million and could receive up to an additional $215 million in potential development and sales milestones for the initial indication, as well as royalties on sales if GRC 6211 is successfully commercialized. If other indications are successfully developed, Glenmark would be entitled to additional milestones up to $90 million. Lilly will have marketing rights for North America, Europe and Japan, while Glenmark will retain the marketing rights in all other countries. Further Glenmark will have the right to co- promote GRC 6211 in the United States. Other terms of the deal were not disclosed.

"This agreement is further evidence of Lilly's commitment to seek out novel treatments for important medical conditions, such as osteoarthritic pain," commented William Chin, M.D., Lilly vice president, discovery research and clinical investigation. "We believe that TRPV1 represents
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