RESEARCH TRIANGLE PARK, N.C. – July 24, 2008 – Today during its 2nd quarter earnings call, Eli Lilly and Company announced an innovative arrangement with NovaQuest and TPG-Axon Capital for the Phase III development of Lilly’s two lead molecules for the treatment of Alzheimer’s disease.
The arrangement calls for NovaQuest and TPG-Axon Capital, NovaQuest’s primary investment partner on co-development and co-promotion deals, to provide >$300 million to help Lilly fund the aggressive development of the molecules – a gamma-secretase inhibitor and an A-beta antibody.
NovaQuest, the managed partnership group of Quintiles Transnational, also will provide strategic input on the Phase III development plans for the molecules. Quintiles CRO will perform at least two of the Phase III trials for the molecules under a fee-for-service agreement.
In exchange for their funding, TPG-Axon Capital and NovaQuest will receive success-based milestones and royalties contingent on the successful development of the Alzheimer’s molecules.
Executives from NovaQuest are available for interviews and will provide insight and comments about this innovative arrangement.
