Lilly, Hutchinson in oncology therapy deal in China

Eli Lilly & Company has entered into a licensing, co-development and commercialisation agreement in China with Hutchinson MediPharma Limited (HMP) for its investigational cancer drug, fruquintinib.

Under terms of the agreement, the costs of future development of fruquintinib in China will be shared between Lilly and HMP. Lilly will pay HMP up to $86.5 million in development and regulatory approval milestones.

Fruquintinib is a targeted oncology therapy for the potential treatment of various types of solid tumours. It is a selective inhibitor of the Vascular Endothelial Growth Factor ("VEGF")
receptor tyrosine kinases and is currently in phase 2 clinical trials in China.

"Our belief is that Fruquintinib has potential activity against multiple tumor types with high incidence rates and may benefit patients with significant unmet medical needs in China.
The collaboration with Lilly will allow for Fruquintinib to be developed across various tumor types in China and at a far greater speed than if we went alone."

Christian Hogg, Chief Executive Officer of Chi-Med.

Hutchinson MediPharma Limited is an R&D company majority owned by Chi-Med.

"We are excited to collaborate with Hutchison MediPharma in the development of this potential new cancer therapy. In Lilly's emerging markets business, we are focused on providing patients with innovative medicines from our own pipeline and through collaborations with respected science-based companies such as HMP. Together, we are committed to help meet the medical needs of oncology patients in China."

Jacques Tapiero, Lilly Senior Vice President and President of Emerging Markets.