Aratana Therapeutics Inc. shares rallied in the extended session Monday after the animal-drug maker said it entered a licensing agreement with Eli Lilly & Co’s Elanco animal health unit. Aratana shares surged 19% to $8.23 after hours. The company said Elanco is paying the company $45 million upfront for a collaboration, licensing, and development agreement connected to the company’s Galliprant dog osteoarthritis treatment. Aratana said the agreement also comes with a $75 million payment if certain sales milestones are met, as well as royalty payments from Elanco.
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