January 09, 2008
Canada's biotechnology industry got a shot in the arm when Indianapolis-based pharma giant Eli Lilly announced in December that it was acquiring the rights to the multiple sclerosis drug developed by Edmonton-based BioMS Medical Corp.
For Cheryl Reicin, who represented BioMS, the transaction was a victory in terms of her professional objectives when she joined Torys three years ago. "My three-year goal was to act on the largest licensing and M&A deals in Canada's life-sciences sector," she says.
The global licensing and development agreement in which Eli Lilly agreed to pay BioMS US$87 million up front and up to US$400 million when the drug is marketed was indeed the largest licensing transaction achieved by a Canadian life sciences company. It is also the fifth-largest life sciences licensing deal globally.