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January 12, 2007 11:43 IST
Pharma major Nicholas Piramal India Ltd will develop and commercialise a select group of US-based Eli Lilly and Company's pre-clinical drug products that span multiple therapeutic areas.
Nicholas Piramal and Eli Lilly and Company have signed a new drug development agreement to this effect, the company informed the Bombay Stock Exchange.
While the domestic pharma major would receive a call-back payment, and potential milestone payments of up to $100 million, plus royalties on sales upon successful launch of the first compound.
Nicholas Piramal would be responsible for the design and execution of the global clinical development program, including (investigational new drug) IND-enabling non-clinical studies and human clinical trials up to Phase III.
The NPIL-Lilly alliance seeks to increase productivity in drug development by synergising the unique strengths of both companies and equitably sharing risk and reward.
The agreement, which would serve as a prototype for joint development of several pre-clinical drug candidates from Lilly in multiple therapeutic areas, would be a new paradigm for global alliances in drug discovery and development.
The shares of the company were trading at Rs 256.70, 2.50 per cent on the BSE.
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