Swish medical device maker Synthes Inc. and pharmaceutical goliath Eli Lilly & Co. (NYSE:LLY) have partnered to develop a new suite of orthopedic products and osteoporosis treatments.
The companies signed an exclusive worldwide collaboration agreement for development and licensing of early-development products combining Lilly biologics and Synthes biomaterials.
The financial details of the deal were not disclosed.
Under the terms of the agreement the companies will also jointly promote Lilly’s FDA cleared osteoporosis drug Forteo. Synthes’ main customer base is among orthopedic surgeons, a prime target for the drug according to the release.
"Many orthopedic surgeons are in the position to diagnose and treat osteoporosis when their patients present with fractures, and we believe it is imperative to treat the underlying cause of the initial fracture," said Lilly’s bio-medicines global platform head Johnston Erwin.
The deal might as well be between Lilly and Johnson & Johnson (NYSE:JNJ), which agreed to pay $21 billion for Synthes in April in the biggest acquisition in JNJ history.
Synthes is also mired in ongoing investigations that could sent several executives to prison over unauthorized clinical trials conducted by its Norian subsidiary that saw three patients die on the operating table.
Synthes was forced to sell Norian in October, and the company was picked up by Kensey Nash Corp. (NSDQ:KNSY) last month.