OSI licenses diabetes drug to Lilly in $385M pact

OSI has licensed the exclusive rights to PSN010--its early-stage diabetes drug--to Eli Lilly for $25 million up front and up to $360 million in milestones plus royalty payments. The drug is designed to fight type 2 diabetes by promoting glucokinase, a protein that prompts the pancreas to make more insulin while promoting better control of glucose.

David Moller, M.D., Lilly's vice president, endocrine and cardiovascular research and clinical investigation commented: "This in-licensing agreement will help bolster Lilly's early stage pipeline and will augment one of our core therapeutic areas.

- here's the report on the pact from Newsday
and here's the release

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