Eli Lilly has signed a license agreement for OWL833, Chugai Pharmaceutical’s oral non-peptidic GLP-1 receptor agonist that is being studied for the treatment of type 2 diabetes.
The agreement grants Lilly worldwide development and commercialisation rights to OWL833.
Chugai will receive an upfront payment of $50 million and is eligible for milestone payments based on achievement of certain predetermined milestones.
If the molecule is successfully commercialised, Chugai would also be eligible for royalty payments.
Daniel Skovronsky, Lilly’s Chief Scientific Officer and President of Lilly Research Laboratories, said: “This exciting new opportunity from Chugai could represent a significant step forward for improving outcomes for people with diabetes.”