Press Release: Nicholas Piramal announces Drug Development Agreement with Eli Lilly and Company
Nicholas Piramal announces Drug Development Agreement with Eli Lilly and Company. Collaboration Represents a New Clinical Development Model Mumbai, India 12 January 2007: Nicholas Piramal India Limited and Eli Lilly and Company have signed a landmark new drug development agreement to develop and, in certain regions, commercialize a select group of Lillyâ€™s pre-clinical drug candidates that span multiple therapeutic areas. The NPIL-Lilly alliance seeks to increase productivity in drug development by synergizing the unique strengths of both companies and equitably sharing risk and reward. NPIL will be responsible for the design and execution of the global clinical development program, including IND-enabling non-clinical studies and human clinical trials up to Phase III. NPIL would receive a call-back payment, and potential milestone payments of up to $100 million, plus royalties on sales upon successful launch of the first compound. The agreement, which will serve as a prototype for joint development of several pre-clinical drug candidates from Lilly in multiple therapeutic areas, will be a new paradigm for global alliances in drug discovery and development. Commenting on the collaboration agreement, Dr. Swati Piramal, Director - Strategic Alliances & Communications, NPIL said, â€œWe are delighted to be working with Lilly, which over a hundred years has been discovering new medicines that have had a huge impact on human health. This will be a unique partnership where we will collaborate in the development of new drug candidates and help reduce the burden of disease for patients worldwide.â€ "We look forward to working with Nicholas Piramal in this novel collaboration", said Robert W. Armstrong, Ph.D., Vice President, Global External Research and Development for Lilly. â€œ We believe NPIL has the strategic interest and capabilities to advance these Lilly molecules through early clinical development, and we are excited to explore this innovative drug development model with them."