Innovent strikes $8.85 billion drug development deal with Lilly

Innovent Biologics Inc. (HKEX: 01801) entered a strategic collaboration with Eli Lilly and Company to develop medicines in oncology and immunology, the companies announced February 8.

Under the agreement, Innovent will receive $350 million upfront and is eligible for development, regulatory and commercial milestone payments totaling up to approximately $8.5 billion. The Chinese biopharmaceutical company will also receive tiered royalties on net sales outside Greater China.

The collaboration grants Lilly exclusive licensing rights to develop and commercialize programs worldwide outside Greater China, while Innovent retains rights in Greater China. Innovent will lead development from concept through Phase 2 clinical trial completion in China, leveraging its antibody technology platforms.

"This alliance moves beyond traditional licensing to create a seamless, end-to-end innovation ecosystem that combines our agile discovery and early-stage development engine with Lilly's extensive global scale," said Dr. Michael Yu, Innovent's founder, chairman and CEO.

This marks the seventh collaboration between the two companies over their 10-year partnership. Innovent, founded in 2011, has launched 16 products and maintains partnerships with over 30 global healthcare companies including Sanofi, Incyte and LG Chem.

The company currently has two new drug applications under regulatory review, four assets in Phase III or pivotal clinical trials and 15 molecules in early clinical development, according to the press release.

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