Eli Lilly acquires Glenmarks pain management molecule

Written by Corporate Bureau | Mumbai, Oct 30 | Updated: Oct 31 2007, 10:12am hrs
US-based pharmaceuticals major, Eli Lilly and Company, is acquiring a portfolio of drug molecules from Glenmark Pharmaceuticals Ltd.

As per 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 for various pain conditions, including osteoarthritic pain.

Glenmark has received an upfront fee of $45 million and could receive 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 developed.

If other indications are successfully developed, Glenmark would be entitled to an $90 million. Lilly will have marketing rights for North America, Europe and Japan, while Glenmark will retain the marketing rights in all other countries. Glenn Saldanha, MD and CEO, Glenmark, said, We have made excellent progress in our TRPV1 program and are very excited to be partnering with Lilly.