Synthes and Lilly sign development and collaboration agreement

Synthes Inc. and Eli Lilly and Company announced the signing of an exclusive worldwide collaboration agreement to allow for the joint development and licensing of early stage compounds from Lilly to Synthes for use within orthopedic trauma, spine, craniomaxillofacial and reconstructive areas.

"I am very excited about this unique collaboration that will utilize the complementary clinical, development and operational strengths of each partner," Michel Orsinger, president and chief executive officer of Synthes, stated in the release. "Osteoporosis is one of the most significant unsolved clinical problems in orthopedics. Addressing the osteoporosis disease as well as the resulting fracture and bone defect is a significant strategic priority of both organizations. Strategic collaborations between medtech and pharma companies represent a new and promising avenue to develop and market true innovations in a changing, dynamic market environment."

According to the release, the two companies will jointly develop site-specific osteoinductive products based on Synthes' biomaterials combined with Lilly's biologics or pharmaceuticals. The collaboration also includes the U.S. co-promotion of Forteo, an osteoporosis drug produced by Lilly, to orthopedic surgeons. The companies will also co-promote Forteo in select countries and regions outside of the United States.

Financial terms of the agreement were not disclosed.