Hutchison MediPharma Limited (HMPL) announced today that it has entered into a new drug discovery and development agreement with Eli Lilly and Company (“Lilly”) in respect to an additional target in oncology (“the “Agreement”).
This adds to existing pharmaceutical agents with a focus on oncology and inflammation targets that are currently being developed by the Hutchison Medipharma group for Eli Lilly.
Under the agreement, Hutchison MediPharma will assume primary responsibility for the discovery phase activities necessary for the identification and selection of clinical candidates, and in return Hutchison MediPharma will receive from Lilly an up-front payment, as well as potential fees including option fees, discovery and development milestone payments, and royalties on worldwide sales of any products resulting from the collaboration.
Dr. Samantha Du, CEO of Hutchison MediPharma, commented: “Lilly is a global leader in oncology. We enjoy working together, and today’s announcement demonstrates how productive our collaboration has been. We look forward to this expansion of our joint effort to develop innovative drugs for the global market.”