Lilly and OSI announce diabetes partnership

Eli Lilly and Company has entered into a licensing agreement with a smaller firm called OSI Pharmaceuticals. The agreement allow Lilly exclusive rights to the Glucokinase Activator program developed by OSI’s diabetes and obesity subsidiary, Prosidion Limited . OSI are to receive an upfront fee of $25 million, and further development and sales milestones that could exceed $350 million.
The vice president of endocrine and cardiovascular research and clinical investigation at Eli Lilly, David Moller, said: “This in-licensing agreement will help bolster Lilly’s early stage pipeline and will augment one of our core therapeutic areas. We are committed to maintaining our leadership role in diabetes care, including addressing the increasing prevalence of type 2 diabetes. We will continue to seek out innovative molecules to add to our diabetes portfolio in order to best respond to the growing health crisis posed by diabetes worldwide.”
The chief executive officer of OSI Pharmaceuticals, Colin Goddard, said: “We believe this licensing arrangement with a global leader in the field of diabetes like Lilly is an important validation of our diabetes and obesity research portfolio. Under Anker Lundemose’s leadership, our UK-based subsidiary, Prosidio, has established a portfolio of innovative drug candidates and demonstrated an ability to rapidly and effectively advance drug candidates to a clinical proof-of-concept.”