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Home Industry News Lilly completes takeover of Alnara

Lilly completes takeover of Alnara

22nd July 2010

Lilly has announced the completion of its move to acquire metabolic disease specialist Alnara Pharmaceuticals in a deal initially worth $180 million (118.2 million pounds).

The deal has seen Lilly purchase all outstanding shares in the company, with Alnara stockholders set to receive up to $200 million in add-on payments based on the accomplishment of future clinical and commercial objectives.

With the takeover completed, Lilly will now gain access to Alnara’s portfolio of protein therapeutics for treating metabolic disease, including its lead compound liprotamase.

The non-porcine pancreatic enzyme replacement therapy is designed for use against exocrine pancreatic insufficiency and is currently under review by healthcare regulators.

Announcing the deal earlier this month, Lilly stated that treatments of this kind will enable sufferers of conditions such as cystic fibrosis to manage their healthcare needs using fewer pills.

Bryce Carmine, executive vice-president of Lilly and president of Lilly BioMedicines, added: “The acquisition of Alnara provides Lilly with a promising entry into enzyme replacement therapy.”

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