The new medication works to prevent migraines and is part of the company's non-opioid pain platform.
If confirmed, former Eli Lilly president Alex Azar will take over the nation's top health position.
Lilly said in September it would aim to save $500 million by cutting 3,500 jobs out of its more than 41,000 worldwide.
There are reports President Donald Trump is considering a former Eli Lilly leader to fill the position of Health and Human Services Secretary.
Indianapolis-based Eli Lilly will cut about 3,500 positions in New Jersey, China, and Iowa.
Lilly will give Baricitinib back to the Food and Drug Administration for review by the end of January, and the agency will not require a new clinical study.
Ted McKinney has directed Indiana's Department of Agriculture since 2014, after working at Dow AgroSciences and Eli Lilly subsidiary Elanco.
Eli Lilly and Pfizer are working together to develop the new class of drug that is in late-trial stages.
Chief Financial Officer Derica Rice helped Eli Lilly and Co. navigate the loss of patent protection from cheaper generic competition for several key drugs.
Eli Lilly stock fell 4 percent Monday, but health analysts say there's no immediate cause for concern.