Nicholas, Eli Lilly in drug development pact

Nicholas Piramal India has signed a landmark new drug development agreement with Eli Lilly.

According to a release issued by Nicholas to the BSE today, as per the agreement the tie-up will work to develop and, in certain regions, commercialize a select group of Lilly's pre-clinical drug candidates that span multiple therapeutic areas.

'The company 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 release added.

Dr. Swati Piramal, Director - Strategic Alliances & Communications, of Nicholas said, "We 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."