Alkermes, Eli Lilly enter drug pact
The Associated Press reports that drug makers Alkermes Inc. and Eli Lilly and Co. said that they have entered an agreement to develop an inhalable version of an osteoporosis treatment, expanding upon the companies'' collaborations on inhaled products. Lilly will provide Alkermes with funding to develop an inhalable version of the osteoporosis treatment Forteo. Alkermes will also receive upfront and milestone payments. Financial details were not disclosed. Lilly will get exclusive worldwide rights to the resulting product, and Alkermes also will receive royalties. The companies will form a joint development team for the product, with Alkermes responsible for formulation testing and device development, and Lilly responsible for all other nonclinical and clinical development activities as well as for regulatory filings. Lilly received Food and Drug Administration approval for an injectable form of Forteo in 2002.