Pharma BD Deal Intelligence
A near-total loss: Lilly paid $180M upfront (up to $380M total) for liprotamase in 2010, only for an FDA advisory panel to vote against approval and a 2011 Complete Response Letter to kill it. Lilly abandoned further trials and sold the asset to Anthera in 2014 for contingent royalties only, never recouping its cash outlay.
BioSpace reported Lilly would pay up to $380M ($180M upfront plus up to $200M in regulatory and commercial milestones) for Alnara, framing it as a strategic…
Nature Biotechnology covered the Alnara acquisition as a meaningful entry by Lilly into the pancreatic enzyme replacement market, noting the differentiated…
GEN reported Lilly took a $122.6M impairment in 2012 after FDA issued a Complete Response Letter on liprotamase in 2011, then divested the asset to Anthera in…
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Lilly to acquire Alnara for $180M upfront + up to $200M development/regulatory milestones. Adds Phase 3-ready protein therapeutic for pancreatic insufficiency.
Assessment window: 5yr post-close.
Exocrine pancreatic insufficiency (EPI) is the inability of the pancreas to secrete enough digestive enzymes (lipase, protease, amylase) to digest food normally, causing malabsorption, steatorrhea, and malnutrition. In the US it most commonly arises from cystic fibrosis (affecting ~85% of CF patients), chronic pancreatitis, and pancreatectomy. Standard of care is lifelong pancreatic enzyme replacement therapy (PERT) taken with every meal.
By 2009-2010 the FDA had completed a long-running enforcement action requiring all PERTs to obtain formal NDA approval, leaving five porcine pancrelipase products on the market: Abbott's Creon (the dominant brand), Aptalis/Eurand's Zenpep, J&J's Pancreaze, Digestive Care's Pertzye, and Aptalis's Ultresa. All five are pig-pancreas-derived enteric-coated capsules with similar mechanism but different particle sizes and dosing. Liprotamase was strategically differentiated as the only non-porcine recombinant PERT — a microbial-fermentation cocktail of cross-lipase, cross-protease, and cross-amylase — which Lilly believed would address supply-chain risk (porcine sourcing was contaminating concerns), religious/dietary objections, and dosing convenience. Cystic Fibrosis Foundation co-funded development. The thesis collapsed in 2011 when FDA issued a Complete Response Letter requesting additional efficacy data; Lilly took a $122.6M impairment in 2012 and divested liprotamase to Anthera in 2014, where it became Sollpura and ultimately failed Phase 3 [https://www.genengnews.com/news/anthera-buys-liprotamase-from-lilly-plans-phase-iii-trial/]. The deal is a textbook 'platform bet that lost the regulatory race' case study.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Eli Lilly and Company / Alnara Pharmaceuticals (this deal) | 2010 | $380M | 13 |
| Eli Lilly and Company / Boehringer Ingelheim GmbH | 2011 | $444M | 89 |
| Eli Lilly and Company / Loxo Oncology, Inc. | 2019 | $8.0B | 88 |
| Eli Lilly and Company / Applied Molecular Evolution Inc. | 2003 | $400M | 88 |
| Eli Lilly and Company / ICOS Corporation | 2006 | $2.3B | 87 |
| Eli Lilly and Company / Novartis Animal Health | 2014 | $5.4B | 70 |
| Eli Lilly and Company / Incyte Corporation | 2009 | $755M | 69 |
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