AstraZeneca in deals with Chi-Med, Astellas

Hutchison China MediTech Ltd. (LSE:HCM) jumped 57p (22%) to 320p on Wednesday after partnering with AstraZeneca plc (LSE:AZN; NYSE:AZN) to co-develop and commercialize Chi-Med's volitinib, an inhibitor of c-Met receptor tyrosine kinase that is slated to enter Phase I testing for cancer. The partners will share development costs in China, while AstraZeneca will be responsible for development in the rest of the world. Chi-Med will receive $20 million up front and is eligible for $120 million in development and first sale milestones. Chi-Med is also eligible for additional sales milestones and up to double-digit royalties. ...