Pharma company Jubilant Organosys has extended its four-year-old drug research collaboration with Eli Lilly for another five years.Jubilant, through its Bangalore-based subsidiary Jubilant Biosys, had entered into the collaboration with the US-based drugmaker Eli Lilly in late 2005.
“The 4-year old research collaboration with Eli Lilly has successfully delivered multiple discovery milestones and pre-clinical candidates, resulting in a five-year extension and expanded portfolio collaboration,” a Jubilant Organosys release said on Tuesday. It added that under the terms of the new 5-year agreement, it will receive research funding and milestones-linked payments.
“Our collaboration with Jubilant has resulted in the identification of promising pre-clinical candidates in important therapeutic areas,” said Dr William Chin, senior VP for discovery and clinical research at Eli Lilly.
Global pharma majors are partnering Indian companies for early drug research to reduce cost. Eli Lilly will continue to own any compounds developed under the collaboration and will be responsible for worldwide commercialisation. Last year, Eli Lilly and Jubilant Organosys had formed a separate joint venture for early stage drug development. Jubilant Organosys’ scrip rose 3.17% to close at Rs 310.35 at the Bombay Stock Exchange (BSE) on Tuesday.