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news.BioMS Medical has completed licensing and development agreement with Eli Lilly and Company. Under the terms of the agreement, BioMS has received an upfront cash payment of $87 million.
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In December, 2007 BioMS Medical has entered into a global licensing and development agreement granting Lilly exclusive worldwide rights to BioMS Medical’s lead drug, MBP8298, for the treatment of multiple sclerosis (MS).
Kevin Giese, president and CEO of BioMS, said: “We look forward to a productive and successful relationship with Lilly. With these resources and the support from a world-class pharmaceutical company, we are well positioned to realize our shared goal of developing MBP8298 to bring new hope to patients suffering from MS.”