Suven Life Sciences, the Hyderabad-based biopharmaceuticals manufacturer, has received the first milestone payment for its research in developing a new drug for Eli Lilly. Suven had entered into drug discovery collaboration with the US Company in 2008 for developing a drug to treat central nervous system disorders. As part of this, Suven has announced the lead discovery leading to a milestone payment. The company would get its second milestone payment in the next nine months, which would be significant and may be achieved before the end of this financial year.
The drug being developed is a combination medicine to treat two different disorders in the same segment and is expected to be ready for the market in 2015-16. Eli Lilly is funding the entire drug development programme while Suven has the mandate to develop it as per the mutually agreed timelines. Once it is launched, Suven will keep getting the royalty till the drug is covered by the patent.
The model adopted for Eli Lilly is unique, since Suven would not invest anything as long as it sticks to the timelines. If timelines are not met than the company will have to invest for the period beyond the specified timeline. On its own, Suven has been working on developing a molecule for treating Alzheimer's, which has passed the Phase I trials.
In addition, about four pharma majors are also conducting due diligence on the Phase I data. They would also come back with their decision on buying it out in the next 3-4 months. The molecule would now move to Phase II. The proof of concept of the drug would be established after completing Phase 2a trials on humans by March 2010.
The company may not have received much in terms of dollars from the first milestone payment, but the milestone itself is a proof that it has made a good drug discovery and the company functions well in collaborative research. The company is also planning to raise about $20 million for taking the research on this molecule further. It has plans for road shows in the last quarter of this year or the first quarter of the next calendar year.crackcrack
| Company Name | CMP |
|---|---|
| Sun Pharma Inds. | 1687.55 |
| Dr. Reddys Lab | 1109.15 |
| Cipla | 1463.15 |
| Lupin | 1969.05 |
| Zydus Lifesciences | 868.25 |
| View more.. | |
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