• Most Popular
  • Most Shared

UPDATE 1-Adolor buys bowel dysfunction compound from Eli Lilly

Mon Sep 21, 2009 5:22pm EDT

Stocks

   

* Upfront payment of $2 mln to Lilly

* Shares up 5 pct in after-market trade

Sept 21 (Reuters) - Adolor Corp (ADLR.O) said it has acquired worldwide rights to a clinical-stage compound from Eli Lilly and Co (LLY.N) for an upfront payment of $2 million and intends to develop it to treat opioid bowel dysfunction (OBD).

The biopharmaceutical company said it will begin clinical trials on the compound, OpRA III, for the indication in early 2010.

OpRA III, to be codenamed ADL5945, will be developed along with Adolor's compound, ADL7445, as part of the company's OBD program, the company said in a statement.

Terms of the deal with Eli Lilly includes payment of royalties on net sales of any approved product and up to about $70 million on reaching certain milestones.

Shares of the company rose 5 percent in after market trade. They closed at $1.66 Monday on Nasdaq.

For the alerts, please double-click [ID:nWNAB1775] (Reporting by Shailesh Kuber in Bangalore; Editing by Anil D'Silva)



More from Reuters

Photo

Copenhagen climate talks in trouble, blame begins

COPENHAGEN (Reuters) - Prospects for a strong U.N. climate pact grew more remote on Thursday at the climax of two-year talks as ministers and leaders blamed leading emitters China and the United States for deadlock on carbon cuts. | Video

» More Top News
An office worker is reflected in the pavement as he walks with an umbrella in Singapore's financial district October 8, 2008.REUTERS/Vivek Prakash
Analysis:

Death of a salesman

Old-style sales reps may be fading thanks to a shift in the pharmaceutical market that has created a new gatekeeper in drug sales.  Full Article 

Healthcare
Marine from Delta Company of 2nd Light Armored Reconnaissance Battalion patrols near the town of Khan Neshin in Rig district of Helmand province, southern Afghanistan September 10, 2009. REUTERS/Goran Tomasevic

A bloody fight looms

Marines on the frontlines of the Afghan surge in Helmand Province are ramping up for a battle that their commander says will be the "end of the line" for insurgents.  Full Article 

AFGHANISTAN