Eli Lilly and Co (LLY.N) raised its 2012 net profit forecast for the second time in as many weeks to reflect an early payment of $1.26 billion from former partner Amylin Pharmaceuticals Inc, which has been acquired by Bristol-Myers Squibb Co (BMY.N).
Diabetes specialist Amylin had ended its decade-long partnership with Lilly in November. The companies were partners in marketing Amylin's diabetes drug Byetta and its longer-acting version, Bydureon. Bristol, which completed its Amylin purchase on Wednesday, has paid $1.7 billion apart from the cash consideration to cover Amylin's debt and its obligations to Eli Lilly.
Lilly plans to use the cash to advance its "pipeline of more than 60 potential new medicines," among other corporate uses. . .View Full Article