Eli Lilly has struck a development deal with the research arm of Hutchison China-Meditech that is worth up to $29 million in milestones for each new drug candidate developed from its library of herbal remedies. The partnership marks another step forward for biotechnology R&D in China [1], as local companies strike up new deals with drug developers around the world. In addition to the milestones, Chi-Med is pocketing an undisclosed upfront fee along with payments to support the research, which will initially focus on oncology and inflammation. Some analysts say the deal should be a boon to China's drug development industry, which has been afflicted by a series of scandals [2].
- see this release [3]
- read the article [4] from The Telegraph
ALSO: What do you do with a booming antidepressant? Broaden its scope, of course. Eli Lilly has filed for FDA approval to sell Cymbalta as a fibromyalgia remedy. FiercePharma [5]
Related Articles:
Merck KGaA inks deal with China's Chi-Med. Report [6]
China pushes drug development as R&D soars. Report [7]
China drug czar executed for corruption. Report [2]
China to overhaul drug safety regulations. Report [8]
Links:
[1] http://www.fiercepharma.com/story/chinas-pharma-market-steams-ahead/2007-08-15
[2] http://www.fiercebiotech.com/story/china-drug-czar-executed-for-corruption/2007-07-10
[3] http://www.fiercebiotech.com/press-releases/press-release-chi-med-announces-drug-discovery-and-development-agreement-eli-lilly
[4] http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/08/20/cneli120.xml
[5] http://www.fiercepharma.com/story/lilly-pursues-new-cymbalta-approval/2007-08-21
[6] http://www.fiercebiotech.com/story/merck-kgaa-inks-deal-with-china-s-chi-med/2006-11-20
[7] http://www.fiercebiotech.com/story/china-pushes-drug-development-r-d-soars/2007-07-25
[8] http://www.fiercebiotech.com/story/china-to-overhaul-drug-safety-regulations/2007-06-07