* Upfront payment of $2 mln to Lilly
* Shares up 5 pct in after-market trade
Sept 21 (Reuters) - Adolor Corp said it has acquired worldwide rights to a clinical-stage compound from Eli Lilly and Co for an upfront payment of $2 million and intends to develop it to treat opioid bowel dysfunction (OBD).
The biopharmaceutical company said it will begin clinical trials on the compound, OpRA III, for the indication in early 2010.
OpRA III, to be codenamed ADL5945, will be developed along with Adolor's compound, ADL7445, as part of the companys OBD program, the company said in a statement.
Terms of the deal with Eli Lilly includes payment of royalties on net sales of any approved product and up to about $70 million on reaching certain milestones.
Shares of the company rose 5 percent in after market trade. They closed at $1.66 Monday on Nasdaq.
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(Reporting by Shailesh Kuber in Bangalore; Editing by Anil D'Silva) Keywords: ADOLOR/ (shailesh.kuber@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: shailesh.kuber.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Shares up 5 pct in after-market trade
Sept 21 (Reuters) - Adolor Corp said it has acquired worldwide rights to a clinical-stage compound from Eli Lilly and Co for an upfront payment of $2 million and intends to develop it to treat opioid bowel dysfunction (OBD).
The biopharmaceutical company said it will begin clinical trials on the compound, OpRA III, for the indication in early 2010.
OpRA III, to be codenamed ADL5945, will be developed along with Adolor's compound, ADL7445, as part of the companys OBD program, the company said in a statement.
Terms of the deal with Eli Lilly includes payment of royalties on net sales of any approved product and up to about $70 million on reaching certain milestones.
Shares of the company rose 5 percent in after market trade. They closed at $1.66 Monday on Nasdaq.
For the alerts, please double-click
(Reporting by Shailesh Kuber in Bangalore; Editing by Anil D'Silva) Keywords: ADOLOR/ (shailesh.kuber@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: shailesh.kuber.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.