Eli Lilly news

Lilly said it will separate its medical device and diagnostics business from its core pharmaceutical business. Lilly's Hybritech Inc. and Pacific Biotech units (both in San Diego) both will be divested. Hybritech, which develops in vitro diagnostics, has collaborations with biotech companies, but whether they will be affected will ultimately depend upon the buyer, said Lilly spokesperson David Pomfret. Pacific Biotech develops point-of-care rapid diagnostics.

Lilly has retained Morgan Stanley & Co. to assist with the transactions. ...