LONDON (ShareCast) - A business majority owned by Hutchison China MediPharma has entered into a licensing, co-development, and commercialisation agreement in China with US pharmaceutical manufacturer Eli Lilly.

The agreement relates to Fruquintinib, an oncology therapy for the potential treatment of various types of solid tumors.

Fruquintinib was discovered by Hutchison MediPharma and is currently in Phase II testing in China.

Under the agreement, the two will share the costs of future development and Hutchison will receive a series of payments of up to $86.5m, including upfront payments and development and regulatory approval milestones.

If the product is successfully commercialised in China, Hutchison MediPharma would receive tiered royalties starting in the mid-teens percentage of net sales.

NR

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE