Arteaus Therapeutics, Eli Lilly deal

Eli Lilly exercised its option to reacquire LY2951742 from Arteaus at prenegotiated, undisclosed terms after the compound met the primary and secondary endpoints in a proof-of-concept (POC) Phase II trial to prevent frequent recurrent migraines. Lilly said it plans to start a Phase IIb trial this year. Atlas Ventures and OrbiMed Advisors launched Arteaus in 2011 with $18 million to develop Lilly's LY2951742 through Phase II testing, after which the pharma had an option to reacquire the subcutaneous antibody targeting calcitonin gene-related peptide (CGRP). Arteaus - which is eligible for undisclosed milestones plus royalties - will now wind down operations (see BioCentury, Oct. 24, 2011). ...