April 4, 2018 / 11:13 AM / 3 months ago

BRIEF-Lilly And Sigilon Therapeutics Announce Strategic Collaboration To Develop Encapsulated Cell Therapies

April 4 (Reuters) - Eli Lilly and Co:

* LILLY AND SIGILON THERAPEUTICS ANNOUNCE STRATEGIC COLLABORATION TO DEVELOP ENCAPSULATED CELL THERAPIES FOR THE TREATMENT OF TYPE 1 DIABETES

* SIGILON TO RECEIVE UPFRONT PAYMENT OF $63 MILLION AND UNDISCLOSED EQUITY INVESTMENT

* PRODUCING CELLS FOR POTENTIAL TREATMENT OF TYPE 1 DIABETES

* LILLY WILL RECEIVE AN EXCLUSIVE WORLDWIDE LICENSE TO SIGILON’S AFIBROMER TECHNOLOGY FOR ISLET CELL ENCAPSULATION

* SIGILON IS ALSO ELIGIBLE TO RECEIVE UP TO $410 MILLION IN DEVELOPMENT AND COMMERCIALIZATION MILESTONES

* PROCESS RESEARCH AND DEVELOPMENT CHARGE TO EARNINGS OF APPROXIMATELY $0.05 PER SHARE IN Q2 OF 2018

* ‍AFTER IND IS SUBMITTED,CO WILL BE RESPONSIBLE FOR ALL CLINICAL DEVELOPMENT & COMMERCIALIZATION ACTIVITIES & COSTS RELATED TO COLLABORATION​

* GAAP EARNINGS PER SHARE GUIDANCE AS A RESULT OF THE TRANSACTION

* ‍SIGILON WILL BE RESPONSIBLE FOR ALL DEVELOPMENT ACTIVITIES & COSTS RELATED TO COLLABORATION UNTIL SUBMISSION OF IND

* SIGILON ELIGIBLE TO GET SINGLE TO DOUBLE DIGIT TIERED ROYALTIES ON FUTURE PRODUCT SALES IF DEAL YIELDS COMMERCIALLY SUCCESSFUL PRODUCT Source text for Eikon: Further company coverage: (Reuters.Brief@thomsonreuters.com)

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