Issue Date: August 27, 2007
Lilly Seals Research Partnership in Shanghai
Eli Lilly & Co. and Hutchison MediPharma have agreed to collaborate on the research and development of new drugs. Under the deal, Shanghai-based Hutchison will come up with new clinical candidates in exchange for an up-front payment, R&D support fees, and milestone payments amounting to as much as $29 million per candidate. In addition, Hutchison will earn royalties in the event that drugs are commercially launched. Clinical development will be Lilly's responsibility. Lilly has conducted drug research in Shanghai for a number of years. It is the exclusive customer of Shanghai ChemExplorer, a contract research firm with several hundred scientists. Employing 140 scientists in Shanghai's Zhangjiang Hi-Tech Park, Hutchison MediPharma is a subsidiary of Chi-Med, a London-listed holding company focusing on China's pharmaceutical and health care sector. Hutchison Whampoa, one of Hong Kong's largest business groups, owns a majority stake in Chi-Med. Earlier this month, WuXi Pharmatech, one of the largest Shanghai-based drug research firms, made an initial public offering of stock. WuXi counts nine of the world's top 10 drug companies as customers.
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