- Aratana Therapeutics (NASDAQ:PETX) licenses the rights to develop, manufacture, market and commercialize grapiprant products, including Galliprant, to Eli Lilly's (NYSE:LLY) Elanco Animal Health Division. Elanco will have exclusive rights ex-U.S. and co-exclusive rights with Aratana in the U.S.
- Under the terms of the agreement, Aratana will receive an upfront payment of $45M, a $4M milestone related to Galliprant's approval in Europe, a $4M milestone related to the manufacturing of Galliprant, up to $75M in sales-based milestones and mid-single-digit to low-double-digit royalties.
- Shares are up 16% after hours on robust volume.