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September 22, 2008

BioMS Obtains $10M Milestone Fee from Eli Lilly

  • BioMS Medical received $10 million from Eli Lilly as a result of positive initial Phase II/III data from dirucotide (MBP8298) in secondary progressive multiple sclerosis. Interim analysis covered efficacy and safety data from the first 200 patients to complete the trial.

    BioMS obtained $87 million upfront in exchange for giving Eli Lilly worldwide, exclusive rights to MBP8298. The deal, which was inked in December 2007, calls for $400 million more in development and sales milestone fees.

    While the terms of the milestone payments are not being disclosed, a majority are linked to success in development, according to Amanda Spadel, investor relations manager for BioMS. In addition to the sales-based milestones, BioMS is also eligible for escalating royalties.

    Results from the ongoing Phase II/III MAESTRO-01 trial are expected in the second half of 2009. Lilly could decide at this point to take over the fiscal responsibility for further development.

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