DOW JONES NEWSWIRES
Adolor Corp. (ADLR) has acquired from Eli Lilly & Co. (LLY)
exclusive worldwide rights to a clinical-stage drug candidate aimed
at treating gastrointestinal side effects of certain painkillers,
for an upfront payment of $2 million.
Shares of Adolor rose 3% to $1.71 in after-hours trading, while
Lilly's were inactive at $32.86.
Adolor also will pay royalties on net sales if the drug is
approved from the Food and Drug Administration and up to about $70
million in milestone payments.
Adolor, a biopharmaceutical company that specializes in pain
treatments, intends to develop the drug candidate, OpRA III, to
treat opioid bowel dysfunction along with another possible drug. It
will start clinical trials early next year.
"OpRA III has a unique profile with the potential to address the
gastrointestinal disorders associated with the use of opioid
analgesics," said Adolor Chief Executive Michael Dougherty.
In June, the company said it was cutting jobs and restructuring
to concentrate on late-stage preclinical compounds, rather than
early-stage programs. Its first commercial product,
bowel-dysfunction treatment Entereg, was launched last year.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357;
Kathy.Shwiff@dowjones.com