Lilly, Centrexion In $622.5-Million Deal for Non-Opioid DrugBy
Eli Lilly and Company has entered into a licensing agreement with Centrexion Therapeutics, a late-clinical stage biopharmaceutical company, to acquire the exclusive global rights for CNTX-0290, a potential non-opioid treatment for chronic pain conditions. Under the agreement, Lilly will pay Centrexion $47.5 million upfront, and Centrexion may be eligible for up to $575 million in development and regulatory milestones.
CNTX-0290 is a small-molecule, somatostatin receptor Type 4 agonist being studied in Phase I clinical trials as a potential non-opioid treatment for chronic pain conditions. If CNTX-0290 is successfully commercialized, Centrexion would be eligible for up to $375 million in sales milestones and tiered royalties ranging from high-single to low-double digits. The two companies may also decide to co-promote CNTX-0290 in the US.
The transaction is subject to customary closing conditions.
Source: Eli Lilly and Company