Milestone fees related to advancement of lead candidate in osteoarthritic pain and other indications could reach $305 million.

Eli Lilly entered into an agreement with Glenmark Pharmaceuticals valued at $350 million. Lilly will thus acquire the rights to a portfolio of transient receptor potential vanilloid sub-family 1 (TRPV1) antagonist molecules. This includes GRC 6211, which is currently in Phase II development as a treatment for various pain conditions including osteoarthritic pain.

Under the terms of the agreement, Glenmark will receive an upfront fee of $45 million. It could get up to an additional $215 million in development and sales milestones for the initial indication as well as royalties on sales if GRC 6211 is successfully commercialized.

If other indications are developed, Glenmark is entitled to milestone fees of up to $90 million. Lilly will have marketing rights for North America, Europe, and Japan, while Glenmark will retain rights in all other countries. Further, Glenmark will be able to co-promote GRC 6211 in the U.S.

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