Mumbai: Pharmaceutical company Nicholas Piramal India Ltd on Friday said it has entered into an agreement with US-based Eli Lilly to develop and commercialise latter’s certain pre-clinical drug products.
NPIL Research and Development (NRDL) and Eli Lilly have signed a new drug development agreement, Nicholas Piramal India Ltd (NPIL) said in a communique to the Bombay Stock Exchange.
As per the agreement, both NRDL and Lilly will independently carry out early clinical development of two different drug compounds.
NRDL would receive a payment of $110 million from the US firm, plus royalties on sales upon successful launch of the compounds.
Last year, both the company had entered into an agreement to design and increase productivity in drug development by synergising their strengths.
“We are strengthening our R&D collaboration with Eli Lilly as our first agreement is on track and has seen benefits accruing to both partners in terms of cost, quality and time,” NPIL Director (Strategic Alliances and Communications) Swati Piramal said.
Shares of the firm were trading at Rs309.10, down 6.28% in the afternoon trade on the BSE.