Eli Lilly and Co. is acquiring exclusive worldwide rights to Centrexion Therapeutics Corp.'s non-opioid chronic pain drug candidate CNTX-0290 for an up-front $47.5 million plus potential development and commercial milestone payments.

The Indianapolis-based pharmaceutical giant said it will further develop CNTX-0290, which is being evaluated in a phase 1 trial, as a potential non-opioid treatment option for multiple pain conditions.

Under the agreement, Centrexion may also be eligible for up to $575 million in potential development and regulatory milestones. In addition, if CNTX-0290 is successfully commercialized, Centrexion would be eligible for up to $375 million in potential sales milestones and royalties.

In October 2018, Centrexion filed for an IPO to raise up to $92 million, but the Boston-based company later decided against a public listing, citing market conditions.

Lilly said in its May 28 press release that there will be no change to the company's non-GAAP EPS guidance for 2019 as a result of the transaction.

The transaction's closing is subject to customary closing conditions.