BioCentury
ARTICLE | Company News

Eli Lilly, Ignyta deal

November 23, 2015 8:00 AM UTC

Eli Lilly granted Ignyta exclusive, worldwide rights to develop and commercialize oral and topical taladegib ( LY2940680). Lilly will receive $2 million cash up front and 1.2 million Ignyta shares valued at $13 million based on Ignyta’s close of $11.06 on Nov. 6, the last trading day before the deal was announced. Lilly is eligible to receive up to $38 million in milestones, plus royalties. Ignyta also granted Lilly exclusive rights to develop and commercialize combination products containing taladegib and Lilly compounds, for which Ignyta would be eligible for royalties. In conjunction with the licensing deal, Ignyta issued Lilly 1.5 million shares of stock at $20 per share in a private placement. ...