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Mergers & Acquisitions | 25 January 2012

Jubilant Life May BuyBack Eli Lilly's Stake In Drug Discovery JV

by Irfan Khan
 
@irfan

@JubilantLifeSciences may buyback Eli Lilly & Company's stake in their drug discovery JV - Vanthys Pharmaceuticals as both the partners have decided to calloff the partnership. According to ET, Jubilant will absorb the two dozen-odd employees, mostly scientists working at the centre.

Bangalore based Vanthys Pharmaceuticals was formed in 2008 as a 50:50 JV between the two to develop molecules from the pre-clinical to phase II stage across oncology, diabetes and cardiovascular segments.

At the time of the announcement, the two firms had said they would jointly invest $8Mn in the Bangalore-based firm over the next three years.

Initially, Jubilant Life Sciences and Eli Lilly had begun work on about a dozen molecules, transferred from their respective research portfolio into the JV. The two companies will retain intellectual property of their respective molecules.

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