March 29, 2019 PR-M03-19-NI-086
INDIANAPOLIS and LEBANON, N.H. /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) and ImmuNext, Inc. today announced a global licensing and research collaboration focused on the study of a preclinical novel target that could lead to potential new medicines for autoimmune diseases by regulating immune cell metabolism.
"Immunology is an important area of research for Lilly, and we seek novel targets that could develop into new medicines for patients suffering with autoimmune diseases," said Ajay Nirula, M.D., Ph.D., vice president of immunology at Lilly. "Regulating the metabolism of immune cells is a promising approach to treating these diseases, and we look forward to working with ImmuNext to advance their immunometabolism target."
Jay Rothstein, Chief Scientific Officer at ImmuNext, states that "We are pleased to work with Lilly to bring forward a first-in-pathway antibody that specifically targets the metabolism of lymphocytes to reprogram rather than suppress the immune system."
Under the terms of the agreement, ImmuNext will receive an upfront payment of $40 million, and is eligible to receive up to approximately $565 million in development and commercialization milestones, as well as tiered royalties ranging from the mid-single to low-double digits on product sales. In return, ImmuNext will grant Lilly an exclusive, worldwide license to develop and commercialize the novel immunometabolism target. In addition, Lilly and ImmuNext will establish a 3-year research collaboration to support the target's development.
This transaction is subject to customary closing conditions. The transaction will be reflected in Lilly's reported results and financial guidance according to Generally Accepted Accounting Principles (GAAP). There will be no change to Lilly's 2019 non-GAAP earnings per share guidance as a result of this transaction.
ImmuNext develops compounds on the cutting edge of immunotherapy for cancer and autoimmune diseases. Novel immunomodulators have been partnered with Janssen, Roche and Sanofi.
ImmuNext currently has a clinical stage program with VISTA, a checkpoint regulator, and pre-clinical programs focused on the development of antibodies that target novel immuno-metabolic proteins.
Lilly Forward-Looking Statement
This press release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) about the benefits of a collaboration between Lilly and ImmuNext, and reflects Lilly's current beliefs. However, as with any such undertaking, there are substantial risks and uncertainties in the process of drug development and commercialization. Among other things, there can be no guarantee that Lilly will realize the expected benefits of the collaboration, or that the collaboration will yield commercially successful products. For a further discussion of these and other risks and uncertainties that could cause actual results to differ from Lilly's expectations, please see Lilly's most recent Forms 10-K and 10-Q filed with the U.S. Securities and Exchange Commission. Lilly undertakes no duty to update forward-looking statements.
Refer to: Mark Taylor; email@example.com; (317) 276-5795 (Lilly Media)
Kevin Hern; firstname.lastname@example.org; (317) 277-1838 (Lilly Investors)
Gayle Gosselin; email@example.com; (603) 727-4600 (ImmuNext Media)
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