Lilly regains migraine compound from Atlas' Arteaus

Eli Lilly and Co. (NYSE:LLY) exercised its option to reacquire LY2951742 from Arteaus Therapeutics LLC (Cambridge, Mass.) at prenegotiated, undisclosed terms after the compound met the primary and secondary endpoints in a proof-of-concept (POC) Phase II trial to prevent frequent recurrent migraines. Lilly said it plans to start a Phase IIb trial this year. Atlas Ventures and OrbiMed Advisors launched Arteaus in 2011 with $18 million to develop Lilly's LY2951742 through Phase II testing, after which the pharma had an option to reacquire the subcutaneous antibody targeting calcitonin gene-related peptide (CGRP). Arteaus -- which is eligible for undisclosed milestones plus royalties -- will now wind down operations (see BioCentury, April 9, 2012).

Arteaus was the first company to come out of Atlas' Atlas Venture Development Corp. and is also Atlas' first exit from the asset-centric initiative (see BioCentury, Oct. 8, 2012). ...