Eli Lilly (LLY) and Camurus entered into a collaboration and license agreement granting Lilly exclusive global rights to develop, manufacture, and commercialize incretin-based therapies using Camurus' FluidCrystal technology for cardiometabolic conditions.

The deal covers up to four of Lilly's proprietary drug compounds, Camurus said in a Tuesday statement.

Under the terms, Camurus is eligible to receive up to $290 million in upfront, development, and regulatory milestone payments, plus up to $580 million in sales-based milestones and tiered mid-single-digit royalties on global net sales.

Shares of Eli Lilly were up nearly 1% in recent trading.

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