PDL BioPharma Inc. said Monday that Eli Lilly & Co. is licensing its drug candidate teplizumab, an experimental treatment for newly diagnosed type 1 diabetes.
PDL said Lilly and its partner MacroGenics are studying teplizumab as a treatment for newly diagnosed type 1 diabetes. Lilly will pay PDL fees during testing of teplizumab, and will pay royalties on sales if the drug is approved. The agreement also includes similar drug candidates.
In afternoon trading, shares of Incline Village, Calif.-based PDL BioPharma rose 20 cents, or 2.9 percent, to $7.
Eli Lilly is headquartered in Indianapolis.
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