Lilly joins with Chinese Biotec

http://www.wsj.com/articles/lilly-j...ech-to-develop-market-cancer-drugs-1426820402

U.S. drug maker to collaborate with Innovent Biologics of Shanghai
Eli Lilly will work with a Chinese biotech to develop and market cancer drugs.   Illustration:  Bloomberg
By
Peter Loftus
March 19, 2015 11:00 p.m. ET
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Eli Lilly & Co. agreed to form one of the broadest collaborations to date between a large Western drug maker and a Chinese biotechnology company, a sign of the pharmaceutical industry’s interest in the Chinese market despite recent growing pains.
Indianapolis-based Lilly said it would pay $56 million upfront to Innovent Biologics Inc., a four-year-old startup near Shanghai, to co-develop at least three experimental cancer drugs—including one from Lilly’s research labs and two from Innovent.
Lilly also could pay more than $400 million to Innovent if one of the Innovent drugs hits certain development and commercial goals.
The deal brings Lilly a local partner to help speed up its introduction of new biotechnology-style drugs in the fast-growing Chinese market. It also expands Lilly’s efforts in two hot areas of drug development: drugs that unleash the body’s immune system to fight cancer, and so-called “biosimilar” drugs, or knockoffs of brand-name biotech drugs.