Eli Lilly, Kowa Company, Limited, and Kowa Pharmaceuticals America have entered into an agreement to co-promote the cholesterol drug Livalo in the US and in Latin America.

Livalo is a statin approved by the US Food and Drug Administration (FDA) in August 2009 for the treatment of primary hyperlipidemia and mixed dyslipidemia.

Under the agreements, Kowa Pharmaceuticals America will receive an undisclosed upfront payment, while Lilly and Kowa Pharmaceuticals America will co-promote Livalo in the US market. Both companies will provide sales force resources and share development and marketing costs.

In addition, Lilly has acquired an exclusive license from Kowa to commercialise Livalo in Latin American markets including Mexico, Central America and South America.

Lilly chairman and chief executive officer John Lechleiter said that the firm is pleased to partner with Kowa and provide patients with a new option to help control their cholesterol.

“Our co-promotion arrangement in the US and licensing arrangement in Latin America will expand our product offerings in the cardiovascular therapeutic area,” Lechleiter said.

Kowa Pharmaceuticals America will record all US sales of Livalo and will pay Lilly an escalating co-promotion fee based on net annual sales.