Suven Life signs another drug research pact with Eli Lilly
12 March 2008
Mumbai: Suven Life Sciences Ltd has signed a second agreement with US-based global pharmaceutical company Eli Lilly & Co for pre-clinical research of molecules in the therapeutic area of central nervous system disorders (CNS).
As per the agreement, Suven will be responsible for discovery activities related to the identification and selection of clinical candidates in the area of CNS, in close association with Lilly.
Suven will receive research funding as well as potential discovery and development milestone payments in the range of $19 million to $23 million per candidate and potential royalties on net sales of any products that may be successfully commercialised from the collaboration, Suven said in a filing with the Bombay Stock Exchange.
"We are very pleased and excited that Lilly has continued collaborate with us in the CNS arena, thus showing the confidence in Suven's drug discovery capabilities." said Ramakrishna Nirogi, vice president, drug discovery of Suven life Sciences.
"We believe our collaborations with Lilly validate Suven's leadership position in CNS drug discovery" said Venkat Jasti, CEO of Suven Life Sciences, adding, "This collaboration leverages Suven's small molecule drug discovery expertise with Lilly's expertise and leadership position in CNS, with the goal of creating innovative products for unmet medical needs".