Anacor (ANAC) Achieves 2nd Candidate in Lilly (LLY) Collaboration

December 4, 2012 4:08 PM EST
Anacor Pharmaceuticals (NASDAQ: ANAC) announced today that it has achieved its second development candidate in its animal health collaboration with Eli Lilly and Company (NYSE: LLY).

Anacor’s research collaboration with Lilly is focused on the use of Anacor’s boron chemistry to discover products for a variety of animal health applications. Under the terms of the collaboration, Anacor will receive a $1 million payment for achieving this milestone. Anacor and Lilly achieved the first development candidate under this collaboration in August 2011.

Pursuant to the terms of the agreement, Lilly has funded the research that resulted in this compound and will be responsible for future development and commercialization. Anacor is eligible to receive additional development and regulatory milestones as well as tiered royalties from the high single digits to low double digits on future sales.

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