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King buys Lorabid from Lilly for $90.5mm, plus earnouts
09 May 2002
King Pharmaceuticals (inlicenser) bought rights in the US (Puerto Rico included) to Eli Lilly's antibiotic Lorabid (loracarbef) for an initial payment of $90.5mm, plus sales performance milestones. If the drug achieves annual net sales of $140mm, the total payment will be $158mm. King gets all of the drug's US patents, trademarks, INDs, and NDAs, and Lilly will keep manufacturing rights.
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