Eli Lilly ($LLY) is partnering with Beijing-based Yabao Pharmaceuticals on the development of its early-stage diabetes drug LY2608204. In the deal Yabao gains development and commercialization rights in China, with Lilly holding on to unspecified buy-in rights to the big Asian market. Lilly didn't disclose any details on the deal for the glucokinase activator. These kinds of collaborations have been gaining ground in China in recent years, as local developers gain R&D experience. Release