Vanda gains rights to Lilly's NK-1 receptor antagonist

17 April 2012

USA-based Vanda Pharmaceuticals (Nasdaq: VNDA) said yesterday that it has acquired an exclusive worldwide license from drug major Eli Lilly (NYSE: LLY) to develop and commercialize a small molecule neurokinin 1 receptor (NK-1R) antagonist for all human indications.

Under the terms of the deal, Vanda will pay an initial license fee of $1.0 million and will be responsible for all development costs. Lilly is also eligible to receive additional payments based upon achievement of specified development and commercialization milestones as well as tiered-royalties on net sales at percentage rates up to the low double digits. These milestones include $4.0 million for pre-New Drug Application approval milestones and up to $95.0 million for future regulatory approval and sales milestones.

Product evaluated in several indications

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