INDIANAPOLIS (AP) — Eli Lilly will pay Boehringer Ingelheim $387.4 million
and collaborate with the German drugmaker to develop diabetes drugs with the
U.S. pharmaceutical company facing the expiration of some
of its key patents.
Lilly, based in Indianapolis, loses patent protection this year for its
top-selling drug, the anti-psychotic Zyprexa, and faces the loss of some other
key patents in the next few years. The drugmaker said Tuesday that the deal with
Boehringer Ingelheim offers the potential of boosting near-term revenue.
Lilly could receive more than $1 billion in future payments depending on how
well the collaboration performs and whether the drugs under development reach
certain sales milestones. Boehringer Ingelheim will be eligible for future
payments totaling about $807 million.
The collaboration includes two Lilly insulins expected to enter late-stage
testing this year and a type 2 diabetes treatment from Boehringer Ingelheim that
is being reviewed by regulators.
Shares of Eli Lilly and Co. rose slightly in premarket trading.