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news.Altea Therapeutics, a clinical-stage pharmaceutical company, has entered into an agreement with Eli Lilly and Company and Amylin Pharmaceuticals, a biopharmaceutical company, to develop and commercialize a novel daily transdermal patch delivering sustained levels of exenatide utilizing the Altea Therapeutics PassPort transdermal delivery system.
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Under the terms of the agreement, Altea Therapeutics has granted Lilly and Amylin exclusive worldwide rights to develop and commercialize transdermal exenatide utilizing the Altea Therapeutics proprietary PassPort transdermal delivery system. Lilly and Amylin will fund all product development, manufacturing, and commercialization activities for the product.
In addition, Altea Therapeutics will receive from Lilly and Amylin an upfront license payment and may receive clinical, regulatory and sales milestones of up to $46 million, and royalties on future product sales. As part of the agreement, an equity investment in Altea Therapeutics is included.
Altea Therapeutics, supported by Lilly and Amylin, recently completed an initial Phase I clinical study of the exenatide transdermal patch in people with type 2 diabetes.
Eric Tomlinson, president and CEO of Altea, said: “This agreement continues the validation of the Altea Therapeutics transdermal patch technology for medicines that currently can be administered only by needle injection or infusion, including water-soluble proteins, carbohydrates, and small molecules.”