Procter and Gamble Pharmaceuticals announced on the first day of February 2006 that the company had signed an agreement with Washington-based biotechnology company Nastech Pharmaceutical to develop and commercialise an inhaled formulation of the naturally occurring parathyroid hormone (PTH) for the treatment of osteoporosis. Interestingly, novel drug delivery mechanisms for PTH have been recognised as a potentially profitable strategy by other companies. In an analogous partnering alliance earlier in the year, Alkermes, based in Massachusetts, and Eli Lilly announced a collaborative agreement on 9 January 2006.