It was a good day for Emisphere, a New York biotech firm that won in court against its former big pharma partner Eli Lilly &Co. Lilly also is a partner with ICOS Corp. of Bothell for Cialis.
Long story short: Emisphere was developing an oral form of an osteoporosis drug and it signed a collaborative agreement with Lilly. After that, Emisphere contended, Lilly used Emisphere’s technology to develop other drugs and it inappropriately released confidential information about the technology. A judge agreed today.
Shares of Emisphere soared by more than 20 percent, and the company may now license its technology to Novartis. It also could receive damages from Lilly.
Key quote: “We continue to carefully review the details of the judge’s decision and are weighing our options, including a possible appeal,” said Phil Belt, a spokesman for Lilly. “It was never our intention to mislead our partner or to break the terms of our agreement with them.”
Here’s the story from BusinessWeek, http://www.businessweek.com/ap/financialnews/D8F1A2602.htm?campaign_id=apn_home_down&chan=db, and from CNN Money and Reuters, http://money.cnn.com/2006/01/09/news/companies/emisphere_lilly.reut/
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