Nicholas Piramal R&D arm in $110-million new drug deal with Eli Lilly
15 Feb 2008
Mumbai: NPIL Research & Development Ltd (NRDL), the research arm of drug major Nicholas Piramal India Ltd, has signed a second new drug development agreement with Eli Lilly and Company.
Based on the agreed formula, NRDL's compensation could total up to $110 million in call-back payments and milestones, plus royalties on sales.
Under the agreement, NRDL will develop and commercialise in certain regions a select group of Eli Lilly's pre-clinical drug candidates that span multiple therapeutic areas, the company informed the Bombay Stock Exchange (BSE) in a filing.
Both NRDL and Eli Lilly will separately carry out early clinical development of two different candidate compounds directed against the same target. The final drug candidate will be selected after evaluation of the data from the proof-of-concept studies.
"We are strengthening our R&D collaboration with Eli Lilly as our first agreement is on track and has seen benefits accruing to both partners in terms of cost, quality and time," Swati Piramal, director, strategic alliances & communications, NPIL, said.
