BioMS Medical Corp. has reported that it has completed the previously-announced licensing and development agreement with Eli Lilly and Company. As part of the agreement, BioMS has received an upfront cash payment of US$87 million.
In December, 2007 BioMS Medical entered into a global licensing and development agreement granting Lilly exclusive worldwide rights to BioMS Medical's lead drug, MBP8298, for the treatment of multiple sclerosis (MS).
"We look forward to a productive and successful relationship with Lilly," said Kevin Giese, President and CEO of BioMS. "With these resources and the support from a world-class pharmaceutical company, we are well positioned to realize our shared goal of developing MBP8298 to bring new hope to patients suffering from MS."