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Biz News Korea(Eng)
Lilly’s acquisition of CoLucid to benefit Korea drug company lldong
- Collected
- 2017.01.25
- Distributed
- 2017.01.31
- Source
- Go Direct
The American multinational pharmaceutical company last Tuesday agreed to buy CoLucid Pharmaceuticals for approximately $960 million to enhance its existing portfolio in pain management for migraine. In 2013, Ildong signed a license agreement with CoLucid, giving it exclusive marketing rights for migraine treatment lasmiditan in Korea and Southeast Asia.
The investigational drug penetrates the central nervous system and selectively targets serotonin 1F receptors expressed in the trigeminal nerve pathway to offer effective treatment for migraine.
A Phase 2 study of the drug was completed when the Korean company signed the contract. Primary endpoints for efficacy in a Phase 3 study were already met. Final data from the clinical trial is expected to be released late this year. A New Drug Application (NDA) could be submitted sometime next year to the Food and Drug Administration for U.S. regulatory approval upon the release of positive study results.
Lilly values the potential of lasmiditan, which was originally discovered at Lilly and was out-licensed to CoLucid in 2005. Lilly’s acquisition of CoLucid means the commercialization of the product is very close to being reality and its future value is quite high.
Ildong’s license deal sealed with CoLucid remains effective even after the Lilly acquisition.
On Tuesday, Ildong Pharm shares ended down 1.1 percent, or 200 won, at 18,400 from a previous session, taking breath after a three-day winning streak. Its stocks added 8.1 percent over the three days following the acquisition news.
By Kim Gi-chul
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]