The agreement creates possible new treatment options for cancer patients.
March 20, 2015
/PRNewswire/ -- Eli Lilly and Company (NYSE:LLY) and
Innovent Biologics, Inc.
(Innovent) today announced one of the largest biotech drug development collaborations in
to date between a multi-national and domestic company. Under terms of the agreement, Lilly and Innovent will collaborate to support the development and potential commercialization of at least three cancer treatments over the next decade. The agreement creates possible new treatment options for cancer patients, while strengthening the presence of both companies in the Chinese oncology market.
As a part of the agreement, Innovent will lead the development and manufacturing for the
market, while Lilly will be responsible for commercialization of the three potential medicines. Innovent also has co-promotion rights. Details include:
Under the terms of the agreement, Innovent will receive a total upfront payment of
. Lilly could also issue future payments exceeding
for the pre-clinical immuno-oncology molecule if the product reaches certain development, regulatory and sales milestones. Sales royalties and other payments would occur on certain products if commercialized. Further financial terms were not disclosed.
"We are pleased to collaborate with Innovent to develop potential therapies for those fighting cancer in
and around the world," said
, senior vice president, and president, Lilly Emerging Markets. "This alliance marks an important milestone in our longstanding commitment to
, and further reinforces our focus to develop collaborative networks to advance research and clinical development in emerging markets."
, Ph.D., co-founder, president and CEO of Innovent, stated, "This groundbreaking collaboration establishes Innovent as the very first company in
to form such a broad alliance with a global pharmaceutical company, and we are honored to collaborate with a company as esteemed as Lilly. Given our experience, significant insights into the
market and international compliance standards, we strongly believe Innovent is ideally suited to serve as Lilly's Chinese collaborator of choice."
Lilly has a robust oncology pipeline that includes both small molecules and monoclonal antibodies, which are being studied to treat a wide range of cancers including breast, colorectal, liver and non-small cell lung.
About Eli Lilly and Company
Lilly is a global healthcare leader that unites caring with discovery to make life better for people around the world. We were founded more than a century ago by a man committed to creating high-quality medicines that meet real needs, and today we remain true to that mission in all our work. Across the globe, Lilly employees work to discover and bring life-changing medicines to those who need them, improve the understanding and management of disease, and give back to communities through philanthropy and volunteerism. To learn more about Lilly, please visit us at www.lilly.com and http://newsroom.lilly.com/social-channels.
About Innovent Biologics, Inc.
Innovent Biologics, Inc.
is a leading biopharmaceutical company in
focused on the development and manufacturing of complex, high-end biologics for both the Asian and global markets that meet EMA and
/cGMP standards. Innovent's strategy is to advance its internal pipeline of proprietary biologic drugs and establish in/out-licensing agreements with global pharmaceutical/biotech companies. Because of its location and emphasis on quality, Innovent is able to leverage
cost-efficient environment without compromising its world-class quality standards.