Eli Lilly licenses non opioid pain med for $40M upfront
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- Belgium-based Confo Therapeutics announced a licensing agreement with Eli Lilly (NYSE:LLY) on Wednesday to grant the pharma giant global rights for its experimental non-opioid pain therapy CFTX-1554 for $40M upfront.
- An inhibitor of the angiotensin II type 2 receptor, CFTX-1554 is currently in Phase 1 development as a non-opioid method to treat neuropathic pain and other peripheral pain indications.
- The agreement allows Lilly (LLY) to develop CFTX-1554 beyond Phase 1 studies and entitles it to consider a program to advance Confo’s existing antibody candidates targeted at the same receptor.
- In return, Confo will receive $40M upfront, up to $590M potential milestone payments per program, and tiered royalties on net sales. The company will also have an option to receive additional royalties for funding future development programs after proof-of-concept studies.
- Read: Seeking Alpha contributor Khen Elazar reaffirmed his Hold rating on Lilly (LLY) in February, citing its valuation.