From the New York Times website:
Lilly to Buy Insomnia Compound
By THE ASSOCIATED PRESS
Published: October 28, 2004
Filed at 11:21 a.m. ET
INDIANAPOLIS (AP) -- Eli Lilly and Co. will pay a German pharmaceutical company $29 million for the rights to an experimental compound the Indianapolis-based drug maker hopes can become its first product to treat insomnia.
The compound, discovered by Merck KGaA, has the potential to be a new way to treat sleep disorder, without being addictive or causing unwelcome side effects, said Darryle D. Schoepp, vice president of neuroscience discovery research at Lilly.
"This could be really a very important medical advance in the treatment of sleep disorders,'" he said Wednesday.
In addition to purchasing the compound, Lilly will make milestone payments to Merck as the drug moves through testing, plus pay royalties on any sales. Merck keeps rights to co-promote the compound in certain countries.
Called EMD 281014, the molecule has undergone the first stage of human testing -- tests that showed it is safe in humans, Schoepp said.
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