US
drugmaker Eli Lilly & Company and Noida-based
Jubilant Life Sciences have called off
their equal drug-discovery partnership to develop molecules across several
therapeutic areas.
The 50:50 JV, formed in late 2008 between Jubilant Life Sciences' wholly-owned subsidiary Jubilant Biosys and Lilly was to develop molecules from the pre-clinical to phase II stage across oncology, diabetes and cardiovascular segments. The firm is called Vanthys Pharmaceuticals and based in Bangalore.
Two people familiar with the development said the JV was terminated a few weeks ago and Jubilant may buy back Lilly's shareholding in the venture. They declined to share details of development and the reason for the termination of the partnership but one of them said it was part of a normal "strategic review".
Jubilant Biosys is expected to absorb the two dozen-odd employees, mostly scientists working at the centre, the second person added.
At the time of the announcement, the two firms had said they would jointly invest $8 million in the Bangalore-based firm over the next three years. Jubilant Life Sciences declined comment while Eli Lilly India did not respond to a mail query.
Lilly's expansion was part of global early-stage development programme through external companies. Initially, Jubilant Life Sciences and Eli Lilly had begun work on about a dozen molecules, transferred from their respective research portfolio into the JV. The two companies will retain intellectual property of their respective molecules.
Details about the current status of the drug development joint venture are not known and though there may not be any immediate financial loss, a successful partnership would have helped the Noida-based firm enhanced its drug research knowledge and capability, a domain where overseas Big Pharma have expertise.
Jubilant Life Sciences share price closed almost unchanged at 179.10 in Mumbai. This may be the second R&D deal with Indian firms Eli Lilly will abandon.
The 50:50 JV, formed in late 2008 between Jubilant Life Sciences' wholly-owned subsidiary Jubilant Biosys and Lilly was to develop molecules from the pre-clinical to phase II stage across oncology, diabetes and cardiovascular segments. The firm is called Vanthys Pharmaceuticals and based in Bangalore.
Two people familiar with the development said the JV was terminated a few weeks ago and Jubilant may buy back Lilly's shareholding in the venture. They declined to share details of development and the reason for the termination of the partnership but one of them said it was part of a normal "strategic review".
Jubilant Biosys is expected to absorb the two dozen-odd employees, mostly scientists working at the centre, the second person added.
At the time of the announcement, the two firms had said they would jointly invest $8 million in the Bangalore-based firm over the next three years. Jubilant Life Sciences declined comment while Eli Lilly India did not respond to a mail query.
Lilly's expansion was part of global early-stage development programme through external companies. Initially, Jubilant Life Sciences and Eli Lilly had begun work on about a dozen molecules, transferred from their respective research portfolio into the JV. The two companies will retain intellectual property of their respective molecules.
Details about the current status of the drug development joint venture are not known and though there may not be any immediate financial loss, a successful partnership would have helped the Noida-based firm enhanced its drug research knowledge and capability, a domain where overseas Big Pharma have expertise.
Jubilant Life Sciences share price closed almost unchanged at 179.10 in Mumbai. This may be the second R&D deal with Indian firms Eli Lilly will abandon.
No comments:
Post a Comment