Eli Lilly Buys Alnara Pharma

Eli Lilly said that the acquisition, initiated on July 2, 2010, has received the approval of Alnara stockholders and clearance under the Hart-Scott-Rodino Antitrust Improvements Act.

As per the terms of the agreement, Eli Lilly has acquired all of the outstanding shares of Alnara for an upfront payment of $180m, subject to adjustment based on existing cash on hand at closing.

Additionally, Eli Lilly will also pay for up to $200m as an additional payments contingent upon potential future regulatory and commercial milestones.

Alnara’s lead product in development is Liprotamase, a non-porcine pancreatic enzyme replacement therapy (PERT). Liprotamase is under review by the FDA for the treatment of exocrine pancreatic insufficiency (EPI).