Lilly Announces Completion of Alnara Acquisition
INDIANAPOLIS, July 20 /PRNewswire-FirstCall/ -- Eli Lilly and
Company (NYSE:LLY) today announced that it has completed
the acquisition of Alnara Pharmaceuticals, Inc., a privately-held
company developing protein therapeutics for the treatment of
metabolic diseases. The transaction, first announced on July 2,
2010, has received the approval of Alnara stockholders and
clearance under the Hart-Scott-Rodino Antitrust Improvements Act.
All other closing conditions have also been met.
Alnara's lead product in development is liprotamase, a
non-porcine pancreatic enzyme replacement therapy (PERT).
Liprotamase is under review by the U.S. Food and Drug
Administration for the treatment of exocrine pancreatic
insufficiency (EPI). Causes of EPI include cystic fibrosis, chronic
pancreatitis, pancreatectomy and other conditions.
Under the terms of the agreement, Lilly acquired all outstanding
shares of Alnara for an upfront payment of $180 million, subject to
adjustment based on existing cash on hand at closing. Alnara
stockholders will also be eligible for up to $200 million in
additional payments contingent upon potential future regulatory and
commercial milestones. The impact of the acquisition will be
reflected in Lilly's third quarter 2010 financial statements.
About Eli Lilly and Company
Lilly, a leading innovation-driven corporation, is developing a
growing portfolio of pharmaceutical products by applying the latest
research from its own worldwide laboratories and from
collaborations with eminent scientific organizations. Headquartered
in Indianapolis, Ind., Lilly provides answers - through medicines
and information - for some of the world's most urgent medical
needs. Additional information about Lilly is available at
www.lilly.com. C-LLY
This press release contains forward-looking statements about the
benefits of a merger between Lilly and Alnara and the potential of
Alnara's product pipeline. It reflects Lilly's and Alnara's current
beliefs; however, as with any such undertaking, there are
substantial risks and uncertainties in the process of implementing
the transaction and in drug development. There is no guarantee
Lilly will realize the expected benefits of the transaction, or
that liprotamase will be approved by the FDA on the anticipated
timeline or at all, that liprotamase will be commercially
successful, or that Alnara's pipeline will yield commercially
successful pharmaceutical products. For further discussion of these
and other risks and uncertainties, please see Lilly's latest Form
10-Q filed April 2010 and Form 10-K filed February 2010. The
company undertakes no duty to update forward-looking
statements.
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Source: Eli Lilly and Company
CONTACT: Mark E. Taylor of Eli Lilly and Company,
+1-317-276-5795
Posted: July 2010
