Eli Lilly and Co, Denovo Biopharma deal

Eli Lilly granted Denovo exclusive, worldwide rights to develop and commercialize pomaglumetad (formerly LY2140023). Denovo will identify genetic biomarkers for a companion diagnostic to screen for patients who may benefit from the product. Denovo then will conduct a pivotal Phase IIb or Phase IIb/III trial to validate that the identified biomarkers are predictive of patient outcome. Lilly has the option to reacquire the oral prodrug of LY404039, a metabotropic glutamate receptor subtype 2/3 ( mGluR2/3) agonist, upon the successful validation of one or more biomarkers. Denovo said it will focus initially on developing the product for schizophrenia. ...