Lilly to commercialize biologics discovered in China

Innovent Biologics Inc. (Suzhou, China) has signed a co-development deal with Eli Lilly and Co. (NYSE:LLY) for biologics discovered in China. Innovent will receive $56 million up front and is eligible for more than $400 million in development, regulatory and sales milestones. The partnership is the first time a multinational company has licensed Chinese-discovered biologics.

The companies will collaborate to develop and commercialize three oncology compounds. Innovent will lead development and manufacturing of the three main compounds in China, with Lilly responsible for commercialization. Innovent retains co-promotion rights in China and is eligible for undisclosed royalties and other payments on certain products if commercialized. ...