Emisphere Technologies, Inc. said it has agreed to accept $18 million from Eli Lilly and Company to settle the pending litigation between the two companies.

The parties will promptly submit a Stipulation of Dismissal with Prejudice of their litigation to the United States District Court for the Southern District of Indiana. Additional terms and conditions of the settlement are confidential. Emisphere will recognize the settlement net of attorneys' fees and expenses, said a press release from the company.

Emisphere Technologies, Inc. is a biopharmaceutical company that focuses on a unique and improved delivery of therapeutic molecules and pharmaceutical compounds using its eligen technology. These molecules and compounds could be currently available or are in pre-clinical or clinical development.