Eli Lilly signs potential $600 million agreement with MacroGenics
INDIANAPOLIS MacroGenics has the potential to earn more than $600 million with a recent agreement the biotech company made with Eli Lilly. Eli Lilly will pay the company up to $494 million to develop and commercialize teplizumab, a humanized anti CD-3 monoclonal antibody now in Phase II/III clinical trial for patients with recent-onset Type 1 diabetes.
The deal includes other potential next generation anti-CD3 molecules for the use in the treatment of autoimmune diseases. Eli Lilly acquires the exclusive rights for the drug, while MacroGenics continues to oversee the diabetes trial.
Under the terms of the agreement, MacroGenics will receive $44 million as an initial payment and may receive up to $200 million in potential development milestone for the Type 1 diabetes indication of the drug. If the drug is commercialized, the company is eligible for an additional $250 million in potential sales milestones plus escalating royalties on sales. MacroGenics will also have the option to co-promote the drug for certain indications in the U.S.
GSK ready to cut jobs following quarterly losses
PHILADELPHIA GlaxoSmithKline is ready to let some of its workers go to make up for its recent report of lost earnings.
The company reported that total pharmaceutical turnover for the third quarter fell by 2% to $9.4 billion. In the United States, turnover fell 7% to $4.5 billion, impacted by continued generic competition and largely because of a 38 percent drop in sales of its diabetes drug Avandia.
The plan is a three-year $1.4 billion move that includes job cuts, most likely starting at its Avandia sales force. According to the London Times, the company is awaiting what the Food and Drug Administration will report about their findings on Avandia and if it should receive a “black box” warning for heart attack risks.
FDA approves Marillion NDA for novel cancer treatment
MALVERN, Pa. Marillion Pharmaceuticals has received approval from the Food and Drug Administration for it investigational new drug application for its lead product candidate MN-201, a vitamin D5 analog for the treatment of cancer.
The drug will now proceed to Phase 1 human clinical trial for patients with advanced tumors in various cancers.
In preclinical studies, MN-201 performed well against cancer cells. In animal models, MN-201 also resulted in anti-tumor activity including tumor regression in xenograft models of major solid tumor types. In contrast to treatment with other vitamin D(3) analogs and the naturally occurring vitamin D hormone, calcitriol, favorable anticancer effects with MN-201 were observed in the absence of significantly raised calcium levels.