Eli Lilly (LLY) Forms BioCritica for Further Xigris Development

May 23, 2011 10:08 AM EDT
Eli Lilly and Company (NYSE: LLY) has signed agreements with private investors Care Capital and NovaQuest Capital to establish BioCritica Inc.

BioCritica will initially focus on the continued U.S. development and commercialization of Xigris (drotrecogin alfa (activated)), Lilly's medicine for severe sepsis. As part of a licensing agreement, BioCritica will acquire the U.S. development and commercialization rights to Xigris and will also receive the rights to potentially acquire several critical care compounds currently in pre-clinical development at Lilly.

Financial terms of the deal were not disclosed.

BioCritica is a newly-formed and privately-held biotechnology company.

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