Lilly licenses British diabetes technology

Eli Lilly and Co. said this morning that it has licensed rights to the diabetes and obesity subsidiary of Melville, N.Y.-based OSI Pharmaceuticals Inc. for $25 million plus as much as $360 million in addition payments, depending on the success of any compounds developed through the arrangement.

The subsidiary, Prosidion Limited, is in the United Kingdom. Among its compounds is PSN010, which Lilly believes holds potential for fighting type 2 diabetes by rapidly lowering blood sugar levels by causing the liver to absorb more glucose and prompting the pancreas to secrete more insulin.

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