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news.Eli Lilly and Company and BioMS Medical have entered into a licensing and development agreement granting Lilly exclusive worldwide rights to BioMS's lead multiple sclerosis compound, MBP8298.
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Accordingly, Lilly and BioMS Medical will collaborate on the development of MBP8298 and will also share in certain development costs with Lilly being responsible for future R&D, manufacturing and marketing activities.
BioMS Medical will receive an upfront payment of $87 million, as well as potential development and sales milestones up to $410 million and escalating royalties on sales commensurate with the current stage of development of the product if MBP8298 is successfully commercialized. BioMS Medical will continue to oversee the current clinical trials. Other terms of the deal were not disclosed.
Kevin Giese, president and CEO at BioMS Medical, said: “We are very pleased to collaborate with Lilly on the worldwide development of MBP8298. Lilly’s well-established leadership in the neurology arena and considerable resources, expertise and proven ability to launch first-in-class drugs will help MBP8298 to realize its full development and commercial potential.”