13th May 2015 06:53
LONDON (Alliance News) - Hutchison China MediTech Ltd on Wednesday said its research and development subsidiary is set to receive a total of USD18 million in payments in the second quarter from US drug company Eli Lilly & Co.
Hutchison said its Hutchison MediPharma Ltd business will receive the funds as milestone payments triggered by the positive results from the first proof-of-concept study of its fruquintinib metastatic colorectal cancer treatment in China.
"We are very glad to have formally reached POC on mCRC, the first potential indication for fruquintinib. Our collaboration with Lilly is of great importance to HMP, and we look forward to continuing to work together to make fruquintinib a great success in the coming years," said Christian Hogg, Hutchison China MediTech's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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