Lilly buys migraine antibody

Eli Lilly announced Monday that it scooped up rights for an antibody that Phase-II data indicate may help treat recurrent migraine headaches.

Lilly had in fact discovered the molecule, LY2951742, which is a calcitonin gene-related peptide antibody, but licensed development to Arteaus Therapeutics. The development deal was an alternative risk-sharing strategy: Atlas Venture and Orbimed created Arteaus in 2011 once the antibody license was in place.

Eli Lilly said it expects Monday's deal will trigger a $57.1 million pre-tax fourth-quarter charge.

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