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Lilly pays Amylin $125 million up front to supply Byetta once weekly

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Executive Summary

Lilly is to pay Amylin $125 million up front to supply a potentially new treatment for type 2 diabetes, Byetta (exenatide) once weekly. If approved, the Phase III compound would become the first once-weekly therapy, a long-acting release formulation of exenatide, to treat the condition, says Lilly. Under the agreement, Amylin will supply the product in the US and to Lilly for sales outside the US. Lilly will reimburse Amylin for its share of the more than $500 million capital investment in the West Chester, Ohio, facility through the cost of goods sold for Byetta once weekly. It will also provide Amylin with a $165 million line of credit that Amylin can draw upon beginning in the fourth quarter of 2009 until the second quarter of 2011. Any debt from the facility will be due three years from the date that the full amount has been drawn or the second quarter of 2014, whichever occurs first.

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