- Bristol-Myers Squibb (BMY +0.1%) and Eli Lilly (LLY -0.2%) agree to transfer the North American rights to Erbitux (cetuximab) from BMY to Lilly. The transition, including commercialization and manufacturing responsibilities, should be completed in Q4.
- Erbitux is approved for the treatment of certain head and neck and colorectal cancers. It was developed by ImClone Systems which Lilly acquired for $6.5B in 2008. ImClone and BMY entered into a co-development and co-promotion agreement covering the territory of North America in 2007. It generated $723M in sales for BMY the past four quarters.
Bristol-Myers transfers Erbitux to Eli Lilly in North America
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