Lilly snares MS drug rights in $497M deal

Analysts applauded Canada's BioMS after it scored a rich licensing deal with Eli Lilly. Lilly gains commercialization rights in exchange for a whopping $87 million up-front fee and milestones reaching up to $410 million. One analyst called BioMS's MBP8298 the most advanced therapy in the clinic for secondary progressive multiple sclerosis. Both companies will share some development costs, with Lilly responsible for worldwide marketing.

"MBP8298 has shown potential in slowing the progression of secondary progressive MS, and thus may provide an effective therapeutic option for patients with this debilitating disease," said Dr. William W. Chin, M.D., vice president of discovery research and clinical investigation for Lilly. "We are also hopeful that MBP8298 may prove beneficial in treating patients with relapsing remitting MS."

- here's the release
- check out the report from the Globe and Mail

ALSO: Ambrx has inked a collaboration deal with Eli Lilly to develop new treatments in metabolic diseases, central nervous system disorders and other diseases. The numbers are being kept under wraps. Release

PLUS: There are big changes afoot at Eli Lilly. The company says that it has named John C. Lechleiter (photo) it's CEO to lead it through what many analysts say will be sorely troubled times. Report