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Chi-Med changes Lilly agreement

The drug developer is adapting its 2013 development agreement with US partner Eli Lilly
December 20, 2018

Hutchison China Meditech (HCM) has made changes to its 2013 license and collaboration agreement on cancer drug fruquintinib with US partner Eli Lilly (US:LLY). The amendment effectively changes the roles and responsibilities of Chi-Med and Lilly, in China, for the development and commercialisation of fruquintinib, as well as collaborations for the development of fruquintinib with third-party anti-cancer agents and the promotion and distribution rights of fruquintinib.

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Chairman Simon To said Chi-Med was "stepping forward" to take on more up-front responsibility so as to reap more reward from the "future economic interest" of the drug. That translates into a $12m (£9.4m) increase in the full-year R&D expense at the innovation division to $142m-$152m.