INDIANAPOLIS -- Eli Lilly and Co. will pay Boehringer Ingelheim $387.4 million and work with the German drugmaker in a diabetes drug collaboration that could lead to more than $1 billion in future payments for the U.S. pharmaceutical company.
Lilly, based in Indianapolis, and Boehringer Ingelheim will focus on treatments in mid- and late-stage clinical development. That includes two Lilly insulins expected to enter late-stage testing this year and two treatments from the German firm.
Boehringer Ingelheim also has an option to work with Lilly on another potential treatment in mid-stage testing. It will be eligible for milestone payments totaling 625 million euros. Lilly could receive milestone payments of up to $650 million plus an additional $525 million if Boehringer Ingelheim takes the option for the third Lilly drug.
(Copyright 2011 by The Associated Press. All Rights Reserved.)