Hutchison Medipharma To Receive $10 Million Milestone From Eli Lilly

Hutchison MediPharma will receive a $10 million milestone in Q4 from its partner Eli Lilly for achieving a positive proof-of-concept in its Phase II clinical trial of fruquintinib, a cancer drug. MediPharma discovered fruquintinib and out-licensed it to Lilly in 2013. The milestone was a payment for POC in patients with advanced non-squamous non-small cell lung cancer in China. Earlier this year, MediPharma received another $10 million milestone for completing fruquintinib POC as a treatment for metastatic colorectal cancer.

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