Hutchison China, Eli Lilly expand drug deal
Nov 21 (Reuters) - Hutchison China Meditech Ltd (HCM.L), a traditional Chinese medicine-sourced pharmaceuticals maker, said on Friday it has expanded its drug discovery and development partnership with Eli Lilly and Co (LLY.N) focused on an additional target in oncology.
The companies agreed last year to collaborate on the discovery and development of pharmaceutical agents focused on targets in oncology and inflammation.
The company, a unit of Hong Kong-listed conglomerate Hutchison Whampoa Ltd (0013.HK), said its Shanghai-based drug research and development subsidiary Hutchison MediPharma Ltd will be responsible for the discovery phase activities to identify and select clinical candidates.
Hutchison MediPharma will receive from Lilly an up-front payment, potential fees and royalties on worldwide sales of any products resulting from the collaboration.
Hutchison China shares were untraded early on Friday after closing at 69 pence on Thursday. (Reporting by Balachander Surianarayanan in Bangalore; Editing by Mike Miller)
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