Lilly divests China rights to legacy antibiotics to Eddingpharm

Lilly sold Chinese rights to Vancocin vancomycin and Ceclor cefaclor, as well as a Ceclor manufacturing plant in Suzhou, to Eddingpharm for $375 million in a deal slated to close late 2019 or early 2020. Cefaclor and vancomycin are included on China's National Drug Reimbursement List.

Julio Gay-Ger, president and general manager of the Eli Lilly and Co. (NYSE:LLY) China unit, said the sale to Eddingpharm Inc. (Shanghai, China) would enable the pharma to further focus its resources toward launching new drugs in China...