Eli Lilly and Company announced a license agreement to acquire the exclusive worldwide rights for CNTX-0290 from Centrexion Therapeutics, a company focused on developing non-opioid, non-addictive therapeutics for the treatment of chronic pain. CNTX-0290, is a novel, small molecule somatostatin receptor type 4 agonist that is currently being studied in Phase 1 clinical testing as a potential non-opioid treatment for chronic pain conditions. Under the terms of the agreement, Lilly will pay Centrexion an upfront payment of $47.5M and Centrexion may be eligible for up to $575M in potential development and regulatory milestones. If CNTX-0290 is successfully commercialized, Centrexion would be eligible for up to $375M in potential sales milestones and tiered royalties ranging from the high-single to low-double digits. Lilly and Centrexion may also elect at a later date to co-promote CNTX-0290 in the U.S. There will be no change to Lilly’s 2019 non-GAAP earnings per share guidance as a result of this transaction.
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