FYI, News
THURSDAY, MARCH 11, 1999 9:11 PM EST
- Reuters
(NYSE:LLY)
CHICAGO, March 11 (Reuters) - Drug maker Eli Lilly and Co. said Thursday the Federal
Trade Commission has asked for more information regarding its deal with drug firm Sepracor
Inc. (NASDAQ:SEPR), which is developing a version of Lilly's antidepressant drug Prozac.
Lilly spokesman James Kappel said the companies are in the process of complying with the
request.
"We fully expect the agreement to become effective upon completion of the FTC review,"
Kappel said. "We can't speculate on FTC's rationale for requesting additional information."
Marlborough, Mass.-based Sepracor is developing a molecularly altered version of Prozac
which may reduce the potential for side effects of that highly succesful antidepressant. In
December, Indianapolis-based Lilly said that in exchange for exclusive worldwide rights to the
new compound, it agreed to pay Sepracor $20 million, plus $70 million later based on
progress in the drug's development.
Industry analysts at the time said it was a move to shield Prozac from competition from
generic drug makers, as the new version may qualify as a new drug for separate patent
protection. Lilly's U.S. patent protection on Prozac is set to expire in 2003.
Shares of Lilly were up 1 at 92-3/16 and Sepracor rose 3-29/32 to 134-13/32. ((Susan
Nadeau, Chicago newsroom, 312 408 8787, fax 312 922 6657,
chicago.equities.newsroom@reuters.com)) |
