Lilly In-Licenses Private Biotech's Non-Opoid Pain Candidate
Zacks Investment Research | May 28, 2019 10:31PM ET
Eli Lilly and Company (NYSE:LLY) announced that it is in-licensing the worldwide rights to a non-opioid pain candidate from Massachusetts-based privately held Centrexion Therapeutics Corporation for an upfront payment of $47.5 million. The move will strengthen Lilly’s pain pipeline portfolio.
Centrexion’s small molecule somatostatin receptor type 4 (SSTR4) agonist, CNTX-0290, is being evaluated in a phase I study for the potential non-opioid treatment of chronic pain conditions.
Other than the upfront payment, Lilly is entitled to pay up to $575 million as development and regulatory milestones. Upon successful commercialization of the candidate, Centrexion will be eligible to receive $375 million as sales-based milestones and high-single-digit-to-low-double-digit royalties. On approval, both companies may choose to co-promote the drug in the United States. The transaction is subject to customary closing conditions.
Shares of Lilly have inched up 0.9% so far this year, outperforming the Zacks Investment Research
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