Lilly Completes $180M Deal For Alnara Pharmaceuticals

INDIANAPOLIS (AP) -- Eli Lilly & Co. said it completed the acquisition of Alnara Pharmaceuticals Inc., a biotechnology company that is developing enzyme therapies.

Lilly paid $180 million for Alnara and could pay up to $200 million more if Alnara's products reach the market and achieve sales targets. Regulators have approved the deal and all other necessary conditions have been met, Lilly said.

The deal was first announced July 2. Lilly announced the completion of the sale after the market closed on Tuesday.

Alnara is developing a drug candidate called liprotamase, which treats exocrine pancreatic insufficiency -- a shortage of a pancreatic enzyme. Lilly said causes of exocrine pancreatic insufficiency can include cystic fibrosis, chronic pancreatitis, and surgical procedures that remove all or part of the pancreas.

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