Nicholas Piramal to develop new drug with Eli LillyFebruary 15th, 2008 - 4:08 pm ICT by admin
Mumbai, Feb 15 (IANS) Nicholas Piramal India Ltd’s (NPIL) recently de-merged independent wing NPIL Research and Development (NRDL) has signed a second agreement with the Indianapolis-headquartered pharmaceutical company, Eli Lilly and Co, for developing a new drug. A statement issued by the company Friday projected that NRDL’s compensation could total up to $110 million, plus royalties on sales.
Informing the Bombay Stock Exchange, the statement said the new NRDL-Eli Lilly alliance follows the framework established by the earlier agreement between NPIL and the US giant signed on Jan 12 last year.
According to a spokesperson of the company, the new agreement, however, includes an innovative structure so that both NRDL and Eli Lilly will independently carry out early clinical development of two different compounds directed against the same target.
Swati Piramal, director of strategic alliances and communications at NPIL, said: “We are strengthening our research and development collaboration with Eli Lilly as our first agreement is on track and has seen benefits accruing to both partners in terms of cost, quality and time.”
“These partnerships are a win-win for both companies and will help us to reduce the burden of human disease.”
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