INDIAN DRUGMAKER TEAMS UP WITH ELI LILLY

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Nicholas Piramal India and Eli Lilly have signed a drug-development agreement to develop and, in certain regions, commercialize a select group of Lilly's preclinical drug candidates that span multiple therapeutic areas.

Nicholas Piramal will be responsible for the design and execution of the global clinical development program, including nonclinical studies and human clinical trials up to Phase III. Nicholas Piramal would receive potential milestone payments of up to $100 million, plus royalties on sales upon successful launch of the first compound.

"We believe [Nicholas Piramal] has the strategic interest and capabilities to advance these Lilly molecules through early clinical development, and we are excited to explore this innovative drug development model with them," Robert Armstrong, vice president of global external R&D for Eli Lilly, said.