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Hutchison Medipharma Out-Licenses Cancer Drug to Eli Lilly and Company (LLY) for $86.5 Million


10/11/2013 9:40:27 AM

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by Richard Daverman, PhD

October 10, 2013 -- Hutchison MediPharma, which is majority owned by Chi-Med, announced it would partner its cancer drug fruquintinib (HMPL-013) with Lilly. Lilly will make up to $86.5 million in upfront and milestone payments to HMP in return for China rights to fruquintinib. The drug, which is in a Phase II clinical trial, is a selective inhibitor of the Vascular Endothelial Growth Factor (VEGF) receptor tyrosine kinases. HMP believes it will be an effective treatment for several solid tumor cancers. More details....

Stock Symbols: (AIM: HCM) (NYSE: LLY)

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