Suven Life Sciences (Suven) has received its first milestone payment in drug discovery collaboration with Eli Lilly. The milestone was achieved with the identification and selection of a first lead compound to be advanced into lead optimisation phase of preclinical development.
Reportedly, in 2008, Suven entered into drug discovery collaboration with Eli Lilly to jointly discover and develop candidates for the treatment of CNS disorders.
Under the terms of the agreement Eli Lilly will undertake the clinical development of the selected candidate/s and commercialisation globally. Eli Lilly will have the full ownership of the candidates developed under the collaboration while Suven receives ongoing research payments and preclinical milestones.
Additionally, the contract provides substantial long-term upside for Suven through potential payments for successful milestones achieved during clinical development and royalties on worldwide sales if new drugs are commercialised.