InnoCare strikes $3.35bn research deal with Eli Lilly

InnoCare Pharma (688428.SS) has signed a research collaboration and licensing agreement with Eli Lilly (LLY) worth up to about $3.35bn, the Chinese drugmaker announced.

The Beijing-based company would receive up to $100mn in upfront and near-term payments. A further $3.25bn would be paid in development and commercial milestones, along with tiered, single-digit royalties on future annual net product sales.

As part of the deal, InnoCare will use its drug discovery platform to find and advance compounds against up to five targets, developing new medicines from them.

InnoCare specializes in treatments for cancer and autoimmune diseases.

A spokesperson for Lilly did not immediately respond to a request for comment on which disease areas the collaboration would target.