23rd Oct 2015 06:27
LONDON (Alliance News) - Hutchison China MediTech Ltd on Friday said its Hutchison MediPharma Ltd unit is set to receive a USD10.0 million milestone payment in the fourth quarter from US partner Eli Lilly And Co.
The milestone has been triggered for the unit, Hutchison's research and development subsidiary, after a positive proof-of-concept study published on the fruquintinib drug in the treatment of patients with advanced non-squamous non-small cell lung cancer in China.
Pursuant to the deal entered by Hutchison and Eli Lilly in October 2013, Hutchison will get reimbursement for any costs incurred related to further clinical development in China.
Including the USD10.0 million payment, Hutchison has been paid USD31.7 million in total from Eli Lilly so far this year.
By Sam Unsted; [email protected]; @SamUAtAlliance
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