Eli Lilly Just Unveiled A Major Biotech Collaboration In China
Eli Lilly and Co (NYSE: LLY) unveiled one of the largest biotech collaborations in China to date in a deal aimed at cancer drugs.
Lilly changed hands recently at $74.67, up $0.45.
Indianapolis-based Lilly will team up with China-based Innovent Biologics Inc. for the development and potential commercialization of at least three cancer treatments over the next decade.
Privately held Innovent will lead development and manufacturing, while Lilly will handle commercialization.
Innovent will receive an upfront payment of $56 million from Lilly, which could also make future development payments of more than $400 million.
Additional terms weren't disclosed.
Lilly will contribute its cMet monoclonal antibody gene for possible treatment of non-small cell lung cancer, while Innovent will contribute a monoclonal antibody and a pre-clinical immuno-oncology molecule.
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