Wasn't the FDA's complete response letter on Bydureon enough bad news for one week? Nooooooooooo! Today Lilly announced that its late stage Type 1 diabetes drug, teplizumab, failed in a Phase III study. Lilly will now suspend two other planned trials on this result. The drug missed its primary efficacy endpoint.
Lilly acquired teplizumab from MacroGenics in 2007 for an upfront payment of $41 M plus potential milestones that could have totalled more than $1 B - well at least they saved that cash. However, they also missed out on the desperately needed revenues to help flatten out their industry leading patent cliff. So much, for best laid plans.
Lilly will now try to recover from the shock of a 20 month delay with its type 2 drug Bydureon and the collapse of its type 1 drug teplizumab. Anybody have a another use for an anti-CD3 antibody? Any use.
Posted by Bruce Lehr October 21st 2010.
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