China's Innovent signs US$350 million novel medicines deal with Eli Lilly

China's Innovent Biologics (1801) will receive US$350 million (HK$2,730 billion) upfront payment from Eli Lilly after it announced its strategic collaboration to advance global development of novel medicines in oncology and immunology on Sunday.

Eli Lilly will also pay Innovent US$8.5 billion contingent upon the outcome of certain future events, covering development, regulatory, and commercial.

Innovent said the agreement gives Eli Lilly exclusive global rights to develop and commercialize the programs worldwide, except for China, where Innovent retains rights.

The company added that the collaboration can create a highly efficient model for cross-border synergy by combining Innovent's agile discovery and early-stage development engines, together with Eli Lilly's extensive global scale.

Gloria Leung