05.24.11
Eli Lilly and Co. has signed agreements with private investors Care Capital and NovaQuest Capital to establish BioCritica, Inc., a new, privately held biotechnology company. Based in central Indiana, BioCritica will initially focus on the continued U.S. development and commercialization of Lilly's severe sepsis drug Xigris, with plans to build a portfolio of hospital-based critical care medicines.
BioCritica will acquire rights to Xigris the U.S. and will receive the rights to potentially acquire several of Lilly’s critical care compounds in preclinical development. The collaboration also includes a supply and services agreement, as well as an option for BioCritica to potentially acquire the rights to Xigris outside the U.S. Lilly will receive royalties on future U.S. sales of Xigris and will also receive an equity stake in BioCritica. Financial terms were not disclosed.
"We are pleased to announce the formation of a new life sciences company in Central Indiana, BioCritica. The collaboration between Lilly and BioCritica will benefit both companies, as well as the patients we serve and the Indianapolis community in which we operate," said John C. Lechleiter, Ph.D., Lilly president, chairman and chief executive officer. "We are confident that BioCritica will help realize the full potential for Xigris, while working to develop new critical care medicines. We look forward to working with BioCritica to help ensure its success."
"For severe sepsis patients, Xigris is an important life-saving drug," said David Broecker, chief executive officer of BioCritica. "Each year more than 200,000 people die from severe sepsis in the U.S. We look forward to building a company dedicated to saving lives. We also appreciate the support of Lilly, the IEDC, and BioCrossroads in helping us get established here in Indiana."
BioCritica will acquire rights to Xigris the U.S. and will receive the rights to potentially acquire several of Lilly’s critical care compounds in preclinical development. The collaboration also includes a supply and services agreement, as well as an option for BioCritica to potentially acquire the rights to Xigris outside the U.S. Lilly will receive royalties on future U.S. sales of Xigris and will also receive an equity stake in BioCritica. Financial terms were not disclosed.
"We are pleased to announce the formation of a new life sciences company in Central Indiana, BioCritica. The collaboration between Lilly and BioCritica will benefit both companies, as well as the patients we serve and the Indianapolis community in which we operate," said John C. Lechleiter, Ph.D., Lilly president, chairman and chief executive officer. "We are confident that BioCritica will help realize the full potential for Xigris, while working to develop new critical care medicines. We look forward to working with BioCritica to help ensure its success."
"For severe sepsis patients, Xigris is an important life-saving drug," said David Broecker, chief executive officer of BioCritica. "Each year more than 200,000 people die from severe sepsis in the U.S. We look forward to building a company dedicated to saving lives. We also appreciate the support of Lilly, the IEDC, and BioCrossroads in helping us get established here in Indiana."