INDIANAPOLIS (dpa-AFX) - Innovent Biologics Inc. (IVBXF, 1801.HK) announced a new strategic collaboration with Eli Lilly and Company. This marks the seventh partnership between the two companies, further strengthening their long-standing relationship and commitment to delivering innovative therapies worldwide. The collaboration also introduces a unique model designed to accelerate the global development of Innovent's pipeline.
Through this agreement, Innovent and Lilly will combine their complementary strengths to advance novel medicines. Innovent will leverage its robust antibody technology platforms and efficient clinical execution capabilities to lead development from concept through Phase 2 clinical proof-of-concept trials in China. Lilly, in turn, will receive exclusive rights to develop and commercialize these programs globally outside of Greater China, while Innovent retains commercialization rights within Greater China.
As part of the deal, Innovent will receive an upfront payment of $350 million. In addition, the company is eligible for development, regulatory, and commercial milestone payments that could total up to approximately $8.5 billion, contingent upon the achievement of certain future events. Innovent will also benefit from tiered royalties on net sales of each product outside Greater China, reinforcing the potential long-term value of this collaboration.
Eli Lilly and Company closed on February 6 at $1,058.18, up $37.34 or 3.66%. In overnight trading at 8:10:05 PM EST on Sunday, the stock advanced further to $1,079.94, gaining an additional $21.76 or 2.06%.
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