07.24.13
Transition Therapeutics has entered an exclusive licensing agreement for worldwide rights to a small molecule transcriptional regulator (TT-601) from Eli Lilly and Co. for the treatment of osteoarthritis (OA) pain. TT-601 has completed preclinical development and Transition plans to initiate clinical trials in 1H14.
Transition has acquired the rights to develop and commercialize TT-601 and Lilly retains an option to reacquire all rights following clinical proof-of-concept study results. If Lilly exercises this option, Transition would be eligible to receive milestone payments of approximately $130 million and royalties on sales of products containing TT-601. If Lilly does not exercise this option right, Lilly would be eligible for royalties on TT-601 product sales.
"We are very pleased with the opportunity to continue our relationship with Lilly through the in-licensing of TT-601. Molecules in this novel class have shown target engagement in the joint space and efficacy in multiple animal models of joint pain. We look forward to TT-601 clinical studies as this drug candidate has the potential to provide an important new source of pain relief to the more than 27 million Americans suffering from OA,” said Dr. Tony Cruz, chairman and chief executive officer of Transition.
Transition has acquired the rights to develop and commercialize TT-601 and Lilly retains an option to reacquire all rights following clinical proof-of-concept study results. If Lilly exercises this option, Transition would be eligible to receive milestone payments of approximately $130 million and royalties on sales of products containing TT-601. If Lilly does not exercise this option right, Lilly would be eligible for royalties on TT-601 product sales.
"We are very pleased with the opportunity to continue our relationship with Lilly through the in-licensing of TT-601. Molecules in this novel class have shown target engagement in the joint space and efficacy in multiple animal models of joint pain. We look forward to TT-601 clinical studies as this drug candidate has the potential to provide an important new source of pain relief to the more than 27 million Americans suffering from OA,” said Dr. Tony Cruz, chairman and chief executive officer of Transition.