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Isis Gets Loan From Lilly

October 02, 2002|Denise Gellene

Carlsbad, Calif.-based Isis Pharmaceuticals Inc. said Tuesday that Eli Lilly & Co. agreed to lend it $21 million to complete a manufacturing facility for an experimental lung cancer drug. The deal expands a year-old collaboration between the firms.

Isis licensed the drug, Affinitac, to Lilly in August 2001 in exchange for royalties on sales of the medication and as much as $200 million in equity, fees and milestone payments. Affinitac, the first drug developed by Isis, is in late-stage clinical trials.

During a call with analysts, Isis Chairman and Chief Executive Stanley T. Crooke cautioned that the deal "does not imply any knowledge about the progress" of the clinical trial. Results won't be known for months, he said.

Isis shares rose 34 cents to $10.20 on Nasdaq. Lilly shares rose $2.16 to $57.50 on the New York Stock Exchange.

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