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biotech/news//Reuters
The deal is one of the latest for China's biotech sector amid increasing interest from foreign drugmakers.
Lilly has signed a licensing deal with a Haisco unit for innovative drug projects.
KEY POINTS
Lilly obtains worldwide rights to certain Haisco assets except in Greater China regions.
Haisco's unit will receive up to $87 million in upfront and near-term payments from Lilly.
The deal could yield roughly $3 billion in additional milestone-based payments to the Haisco unit.
The deal is one of the latest for China's biotech sector amid increasing interest from foreign drugmakers in local businesses' development pipelines, and marks an expansion of collaborations for Lilly itself.
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The latest deal with the Haisco unit covers innovative drug projects, Haisco said in a filing to the Shenzhen stock exchange.
Under the terms, Lilly will secure worldwide rights to select Haisco unit assets outside mainland China, Hong Kong, Macau and Taiwan.
The unit is eligible to receive up to $87 million in upfront and near-term payments, and up to about $3 billion in additional payments tied to clinical, regulatory and commercialisation-related milestones.
Reporting by Andrew Silver in Hangzhou, Editing by Louise Heavens