INDIANAPOLIS, May 23, 2011 /PRNewswire/ — Eli Lilly and Company
(NYSE:
LLY) today announced that it has signed agreements with private
investors Care Capital and NovaQuest Capital to establish
BioCritica Inc., a newly-formed and privately-held biotechnology
company. BioCritica, based in Central Indiana, will initially focus
on the continued U.S. development and commercialization of
Xigris® (drotrecogin alfa (activated)), Lilly’s medicine for
severe sepsis. BioCritica intends to ultimately build a broad
portfolio of innovative, hospital-based critical care
medicines.
As part of a licensing agreement, BioCritica will acquire the
U.S. development and commercialization rights to Xigris and will
also receive the rights to potentially acquire several critical
care compounds currently in pre-clinical development at Lilly. The
collaboration also includes a supply agreement, a services
agreement and an option for BioCritica to potentially acquire the
development and commercialization rights to Xigris outside the U.S.
at a later date. In return, Lilly will receive royalties on future
U.S. sales of Xigris and will also receive an equity stake in
BioCritica. Specific financial terms of the transaction are not
being disclosed.
The creation of BioCritica received the support of the Indiana
Economic Development Corporation (IEDC) and BioCrossroads,
Indiana’s public-private initiative to grow, advance and invest in
the life sciences. BioCritica’s formation and the Lilly-BioCritica
collaboration are the latest successes in the state’s efforts to
attract new life sciences companies to Central Indiana.
“We are pleased to announce the formation of a new life sciences
company in Central Indiana, BioCritica. The collaboration between
Lilly and BioCritica will benefit both companies, as well as the
patients we serve and the Indianapolis community in which we
operate,” sai
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