The new medication works to prevent migraines. It's one of three being crafted by Eli Lilly to treat chronic and serious pain and is part of the company's non-opioid pain platform.

Lilly said in September it would aim to save $500 million by cutting 3,500 jobs out of its more than 41,000 worldwide, with at least 2,000 cut in the U.S.

The price of the insulin more than doubled from 2002 to 2013.

Eli Lilly and Pfizer are working together to develop the new class of drug that is in late-trial stages. There hasn't been a new pain medication discovery in about 50 years. The last new non-opioid pain medication to hit the market was ibuprofen in the late 1960s.

The investment is part of a five-year effort from Eli Lilly to meet higher demand for diabetes medicine.

Indianapolis-based Eli Lilly, along with two other European pharmaceutical companies, is facing a price-fixing lawsuit regarding its rapidly escalating insulin prices.

Eli Lilly's Solanezumab was a medicine that aimed to reduce symptoms in patients with mild dementia due to Alzheimer's.

The news of layoffs follows last month's announcement concerning the failure of Solanezumab, which Lilly hoped would be the first drug to slow the progression of Alzheimer's Disease.

In a letter, Vermont Sen. Bernie Sanders and Maryland Rep. Elijah Cummings criticize three insulin manufacturers -- including Indianapolis-based Eli Lilly -- for skyrocketing insulin prices.

Lilly's retiring chief, John Lechleiter, led the company to new prosperity during his eight-year tenure.