Hutchison China Meditech, the China-based pharmaceutical company, said its unit Hutchison MediPharma has agreed a research collaboration with US pharmaceutical company Eli Lilly to co-develop oncology and anti-inflammatory medicines.
Hutchison said it will receive milestone payments of $20-29 million, depending on the clinical candidate, along with an upfront fee, annual research and development support costs and also potential royalties.
Under the terms of the agreement, Hutchison will take responsibility for initial research and development, while Eli Lilly will offer technological advice and clinical trial expertise as the project advances.
The research will be carried out in China to 'expedite the drug discovery process and reduce overall costs', Hutchison said.
Forbes
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