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.
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.