INDIANAPOLIS,
July 20 /PRNewswire-FirstCall/ -- Eli Lilly and Company (NYSE:
LLY) today announced
that it has completed the acquisition of Alnara Pharmaceuticals, Inc., a privately-held
company developing protein therapeutics for the treatment of metabolic diseases.
The transaction, first announced on July 2, 2010, has received the approval of
Alnara stockholders and clearance under the Hart-Scott-Rodino Antitrust Improvements
Act. All other closing conditions have also been met.Alnara's
lead product in development is liprotamase, a non-porcine pancreatic enzyme replacement
therapy (PERT). Liprotamase is under review by the U.S. Food and Drug Administration
for the treatment of exocrine pancreatic insufficiency (EPI). Causes of EPI include
cystic fibrosis, chronic pancreatitis, pancreatectomy and other conditions. Under
the terms of the agreement, Lilly acquired all outstanding shares of Alnara for
an upfront payment of $180 million, subject to adjustment based on existing cash
on hand at closing. Alnara stockholders will also be eligible for up to $200 million
in additional payments contingent upon potential future regulatory and commercial
milestones. The impact of the acquisition will be reflected in Lilly's third quarter
2010 financial statements. About
Eli Lilly and Company Lilly,
a leading innovation-driven corporation, is developing a growing portfolio of
pharmaceutical products by applying the latest research from its own worldwide
laboratories and from collaborations with eminent scientific organizations. Headquartered
in Indianapolis, Ind., Lilly provides answers - through medicines and information
- for some of the world's most urgent medical needs. Additional information about
Lilly is available at www.lilly.com. C-LLY This
press release contains forward-looking statements about the benefits of a merger
between Lilly and Alnara and the potential of Alnara's product pipeline.
It
reflects Lilly's and Alnara's current beliefs; however, as with any such undertaking,
there are substantial risks and uncertainties in the process of implementing the
transaction and in drug development. There is no guarantee Lilly will realize
the expected benefits of the transaction, or that liprotamase will be approved
by the FDA on the anticipated timeline or at all, that liprotamase will be commercially
successful, or that Alnara's pipeline will yield commercially successful pharmaceutical
products. For further discussion of these and other risks and uncertainties, please
see Lilly's latest Form 10-Q filed April 2010 and Form 10-K filed February 2010.
The company undertakes no duty to update forward-looking statements. SOURCE
Eli Lilly and Company |
