Ilex, Eli Lilly deal

ILXO will develop Lilly's LY295501 diarysulfonylurea cancer compound through completion of an undisclosed clinical trial. ILXO will pay Lilly a license fee, and Lilly will make an equity investment in ILXO. After completion of the trial, Lilly has an option to develop and commercialize the compound. If Lilly does not exercise its option, ILXO will have exclusive worldwide development and commercialization rights to LY295501 and will pay Lilly milestones and royalties. ...