Hutchison MediPharma, a subsidiary of Hutchison China MediTech, will receive $18 million in payments from Lilly during this quarter as part of Lilly’s in-licensing of fruquintinib. Fruquintinib is a VEGF inhibitor that has completed a Phase II trial in patients with metastatic colorectal cancer. The payments consist of a $10 million milestone for successfully completing the first fruquintinib proof-of-concept trial and $8 million to help underwrite a Phase III trial of the drug.
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