RNS Number:2659W
Lilly (Eli) & Co
21 December 2000




Refer to: (317) 276-5795 - Terra L. Fox (Lilly)
          (03) 3241-7905 - Shigemasa Kobayashi (Mitsubishi)


          Lilly and Mitsubishi-Tokyo Announce License Agreement for
                    Novel Antihepatitis B Compound

Eli Lilly and Company (NYSE: LLY and Tokyo: 4857) and Mitsubishi-Tokyo
Pharmaceuticals, Inc., announced today that they have signed a license agreement
for MCC-478, a novel antiviral agent for the treatment of hepatitis B virus
(HBV) infection. The agreement gives Lilly exclusive rights to develop and
market this compound worldwide, excluding Japan.

Infection with hepatitis B virus, a DNA virus, can lead to cirrhosis,
hepatocellular carcinoma, liver failure and death. Currently, an estimated 350
million people worldwide are chronically infected with the virus, which is known
to be the ninth leading cause of death globally.

Although a safe and effective vaccine is available for the prevention of
infection with HBV, there is still a need for antiviral therapy for the large
number of hepatitis B virus carriers worldwide. Current approved drug therapies
are not always effective due to the emergence of drug-resistant strains or
because of significant adverse side effects. Thus, an innovative drug for the
treatment of chronic hepatitis B virus infection is needed. MCC-478, a
nucleotide analog prodrug with potent and selective activity against HBV, may
offer the first available curative treatment for hepatitis B virus infection. In
addition, the course of therapy for this molecule may be shorter than for
current therapies. MCC-478 is being tested in Phase I human clinical trials.

"We believe Mitsubishi-Tokyo has developed a novel compound that may offer a
potential breakthrough for the treatment of hepatitis B," said Gail H. Cassell,
Ph.D., vice president of infectious diseases discovery research and clinical
investigation for Lilly. "Our agreement with Mitsubishi-Tokyo gives us an
opportunity to further expand our efforts in this important medical area."

"We believe rapid development and commercialization of MCC-478 by Lilly will
contribute toward remarkable advancement in the treatment of hepatitis B in the
world market," said Akihiro Tobe, Ph.D., president of the research and
development division of Mitsubishi-Tokyo Pharmaceuticals, Inc. "A reliable
partner with accumulated experience in this area has been sought because we
believe MCC-478 has outstanding therapeutic potential amongst the sub-target
areas of the current strategy."

Mitsubishi-Tokyo Pharmaceuticals, Inc. (2-6, Nihonbashi-Honcho 2-chome, Chuo-ku,
Tokyo, Japan, Ryuichi Tomizawa, President), a wholly owned subsidiary of
Mitsubishi Chemical Corporation (headquartered in 5-2, Marunouchi 2-chome,
Chiyoda-ku, Tokyo, Kanji Shono, President), puts its focus on the development of
innovative drugs that are globally competitive to become a company with vivid
presence in the world.

Lilly, a leading innovation-driven corporation, is developing a growing
portfolio of best-in-class pharmaceutical products by applying the latest
research from its own worldwide laboratories and from collaborations with
eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly
provides answers - through medicines and information - for some of the world's
most urgent medical needs. Additional information about Lilly is available at
www.lilly.com.


This press release contains forward-looking statements about the potential of
the investigational compound MCC-478 in treating hepatitis B virus infection
that reflect managements current beliefs. However, as with any pharmaceutical
under development, there are risks and uncertainties in the process of
development and regulatory review. There are no guarantees that future clinical
trials will confirm the preliminary results referred to in this release or that
the product will receive regulatory approvals or prove to be commercially
successful. For further discussion of these and other risks and uncertainties,
see Lilly's filings with the United States Securities and Exchange Commission.
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