Thursday September 20, 8:36 am Eastern Time
Press Release
SOURCE: Eli Lilly and Company
Lilly Licenses Oritavancin Antibiotic to InterMune
INDIANAPOLIS, Ind. & BRISBANE, Calif.--(BW HealthWire)--Sept. 20, 2001--
InterMune To Acquire Worldwide Rights To Develop, Manufacture and
Commercialize Product With Broad Market Potential
Eli Lilly and Company (NYSE:LLY - news) and InterMune, Inc. (Nasdaq:ITMN - news) announced today that InterMune has acquired worldwide rights to oritavancin from Lilly. Oritavancin is a semi-synthetic glycopeptide antibiotic in development for the treatment of a broad range of resistant gram-positive bacterial infections.
The agreement provides InterMune with exclusive worldwide rights to develop, manufacture and commercialize oritavancin. Upon closing, Lilly will receive a $50 million payment related to completion of certain near-term activities by the companies. Lilly will also receive significant milestone and royalty payments upon successful development and commercialization by InterMune. The transaction is expected to close next month upon approval by the U.S. Federal Trade Commission under the Hart-Scott-Rodino Act.
``Licensing oritavancin to InterMune will allow Lilly to maximize the full potential of this innovative compound while the company redirects its internal resources to other late-stage pipeline opportunities,'' said John C. Lechleiter, Ph.D., executive vice president, pharmaceutical products and corporate development for Lilly. ``InterMune is an ideal partner as it has a strong focus in the development and commercialization of infectious disease products.''
``Oritavancin adds another major Phase III product to InterMune's growing pipeline,'' said W. Scott Harkonen, M.D., president and chief executive officer of InterMune. ``The market opportunity for oritavancin is significant due to the increasing problem of drug resistance in difficult-to-treat diseases. We are pleased to have the opportunity to complete the clinical development of oritavancin and bring this potential breakthrough treatment to market.''
Oritavancin is in Phase III clinical trials for the treatment of complicated skin and skin-structure infections, in Phase II for bacteremia and may be effective against other serious gram-positive bacterial infections, including those resistant to conventional antibiotics. Oritavancin's novel mechanism of action kills harmful and resistant strains of bacteria unlike other agents that merely suppress them. These gram-positive bacterial infections in the aggregate affect more than seven million patients worldwide in the hospital setting alone.
InterMune is a commercial-stage biotechnology company dedicated to developing innovative products for the treatment of serious pulmonary and infectious diseases and cancer. InterMune has three marketed products, growing product revenues and advanced-stage clinical programs addressing a range of diseases with attractive commercial markets. For additional information about InterMune, please visit www.intermune.com.
Lilly, a leading innovation-driven corporation, is developing a growing portfolio of best-in-class pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers - through medicines and information - for some of the world's most urgent medical needs. Additional information about Lilly is available at www.lilly.com. |
