BMS transfers Erbitux rights to Lilly

Bristol-Myers Squibb Co. (NYSE:BMY) will transfer to Eli Lilly and Co. (NYSE:LLY) full commercial rights for Erbitux cetuximab in the U.S., Canada and Puerto Rico. Erbitux is marketed as a monotherapy and in combination with other drugs to treat metastatic colorectal cancer and head and neck cancers.

BMS and Lilly shared co-promotion rights to the chimeric IgG1 mAb targeting EGFR in North America. BMS will now receive tiered royalties on Erbitux sales through September 2018. The transaction is slated to close in 4Q15. The deal's financials were undisclosed, although BMS said it does not expect the deal to significantly affect non-GAAP earnings. ...