LILLY BUYING SERAGEN IL-2 FUSION TOXIN CANCER RIGHTS FOR UP TO $45 MIL.

Executive Summary

LILLY BUYING SERAGEN IL-2 FUSION TOXIN CANCER RIGHTS FOR UP TO $45 MIL. under a letter of intent announced July 15. The proposed agreement gives Lilly development, distribution and marketing rights to Hopkinton, Mass.-based Seragen's interleukin-2 fusion toxins worldwide except in "certain Asian countries." Under the terms of a December 1993 letter of intent, the Japanese firm Ajinomoto has the option to become Seragen's partner for development and marketing of IL-2 fusion toxin in Japan, China, Taiwan and Korea.