The French biotechnology company Adocia entered into an alliance with the US Eli Lilly on the co-development of an ultra-fast insulin to treat type 1 and type 2 diabetes. This insuline, called BioChaperone Lispro, has been developed through Adocia’s technology BioChaperone, is currently in Phase Ib clinical study.
Under this global license agreement with Adocia, Eli Lilly will be responsible for future clinical development, production and marketing of BioChaperone Lispro. All payments (front and milestones) due to Adocia could reach massive $ 570 million (€ 464 million approximately).
Adocia receives a total initial payment of $ 50 million and potential milestone payments of up to $ 280 million if the product reaches certain stages of clinical and regulatory development and up to 240 million dollars if it realizes certain sales targets. In addition, Adocia receives royalties at progressive rates on sales and Lilly will reimburse certain expenses for research and development during the contract period.
“The expected benefits of BioChaperone Lispro for diabetic patients include greater flexibility of injection timing of insulin, lower variability of postprandial glucose elevations, a lower rate of hypoglycemia and better overall control of blood sugar, “reads the statement. Adocia’s stock jumped up to 27.24 euros which equals to a €170M market value.
Great news for this promising Biotech company, just before Christmas 😉