The Associated Press reports that Eli Lilly and Co. will team with German drugmaker Boehringer Ingelheim to develop diabetes treatments, as the U.S. pharmaceutical company pushes to fill a looming revenue gap created by expiring patents for several key drugs. Lilly, which is based in Indianapolis, will pay Boehringer Ingelheim about $387.4 million as part of a joint bid to develop and sell up to five drugs. The companies will split revenues from any approved drugs, not counting costs for making and selling the product. Each drugmaker also will receive payments based on whether their products reach certain milestones, like submissions for approval. Lilly could receive more than $1 billion in milestone payments. The collaboration includes two of its potential long-lasting insulins expected to enter late-stage testing this year. Boehringer Ingelheim will also have an option to work with Lilly on a third drug in mid-stage testing that treats diabetes patients with chronic kidney disease.