Lilly to Acquire CoLucid Pharma

Eli Lilly and Co. has entered an agreement to acquire CoLucid for approximately $960 million in cash. The acquisition enhances Lilly’s portfolio in pain management for migraine with a potential near-term launch. The transaction is expected to close by 1Q17, subject customary closing conditions.
 
CoLucid Pharmaceuticals is a public biopharma company developing an oral 5-HT1F agonist (lasmiditan) for the acute treatment of migraine. CoLucid has completed the first of two Phase III trials, and pending results, submission of lasmiditan for U.S. regulatory approval could occur in 2018.
 
Lasmiditan, if approved, would be a first-in-class therapy to treat migraine through a novel mechanism of action without vasoconstriction. This could be desirable in migraine patients who have, or are at risk for, cardiovascular disease, as well as those who are dissatisfied with their current therapies.
 
“Lasmiditan could represent the first significant innovation for the acute treatment of migraine in more than 20 years, and CoLucid has made significant progress in advancing this potential medicine,” said David A. Ricks, Lilly’s president and chief executive officer. “This innovation, along with galcanezumab, could offer important options for the millions of patients suffering from migraine.”
 
Lasmiditan was originally discovered at Lilly and was out-licensed to CoLucid in 2005. CoLucid has taken important steps to decrease the risk related to development and commercialization of lasmiditan. Lilly has since reorganized its R&D efforts to focus on migraine as part of its emerging therapeutic area of pain.
 
“We are excited that lasmiditan will be back at Lilly, where it was originally discovered, for the conclusion of Phase III development and potential commercialization,” said Thomas P. Mathers, CoLucid’s chief executive officer. “We are proud of the work that CoLucid has done to develop lasmiditan, and we believe Lilly’s expertise in pain and commitment to innovation are a natural fit to potentially bring this medicine to patients.”