WILMINGTON,PPD Inc. will acquire patents from Eli Lilly for a drug for genital and urinary disorders, resulting in a fourth quarter loss.
The Wilmington-based company said it will pay Lilly $65 million in cash and a royalty on sales of the compound, dapoxetine.
“The agreement with Lilly restructures the financial picture with respect to dapoxetine,” said Fred Eshelman, chief executive officer of PPD. “We will now retain all future milestone and royalty payments from ALZA up to a significant threshold of annual net sales. We believe this is a very positive development for PPD.”
PPD said it sees a loss in the fourth quarter of 2003 of 28 cents to 30 cents per share. It had earlier forecast earnings of 44 cents and 46 cents per share for the quarter.
PPD Inc.: www.ppdi.com
