Eli Lilly extended its streak of Phase III flops today, reporting that its depression drug edivoxetine (LY2216684) failed to beat out a placebo in a slate of three Phase III studies. And the pharma company said it will add the drug to its growing scrap heap.
Three big players in the life sciences industry--Celgene, Eli Lilly and GE Ventures--are chipping in to help fund a $100 million venture fund that will be used to launch up to 20 new biotech companies in New York City, adding some fuel to a small but growing fire of R&D efforts in the Big Apple.
In the 20 months since the White House unveiled its $200 million Big Data R&D initiative, the field has matured and begun to fulfill its potential. Now the government has inked a batch of data-related projects and signed up Eli Lilly, Novartis and Pfizer as partners.
Eli Lilly and the nonprofit Project A.L.S. are teaming up to boost the pipeline of potential drugs for amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig' disease.
With the success of Erbitux and its patient-steering companion diagnostic fresh in mind, Qiagen and Eli Lilly have struck up their third partnership, reuniting to match genomic knowhow with drug development expertise.
While other areas of its business have stumbled, Eli Lilly has been betting on diabetes treatments to help it pull through a bad patch. And like a gambler on a winning streak, Eli Lilly will double down on its investments in insulin production with expansions at plants in China, France, Puerto Rico and the U.S. This is after having doubled its bet earlier this year.
Eli Lilly has been slashing jobs and freezing salaries as it hunkers down before it loses patent protection on its top-selling Cymbalta. But with its diabetes franchise providing a ray of sunshine during this dark period, it is ready to build on it further, proposing to spend another $700 million on new insulin related facilities worldwide.
When Pfizer first let slip that it struck a deal to collaborate with Eli Lilly on the high-risk anti-NGF pain drug tanezumab, the news was delivered without any of the usual deal terms.
Drugmakers see contract reps as an easy-come, easy-go approach to marketing. Hire up when times are busy and new drugs rolling; staff down when drugs go off patent or the cost-cutting police come calling. But contract reps have rights, too--and that's why a former Eli Lilly sales person is suing the company.
Pfizer announced in its quarterly statement today that Lilly had agreed to share the cost of development on tanezumab in exchange for a split of the profits. Lilly, which has come under increased scrutiny after a series of high-risk drug programs failed to pan out, will also pay an unspecified upfront--provided the FDA lifts a partial hold on the program.