Hutchison China MediTech says R&D arm to get $10 million milestone payment from Eli Lilly

23 October 2015

Hutchison China MediTech (AIM: HCM) on Friday said its drug and research arm, Hutchison MediPharma, is set to receive a $10 million milestone payment, in the fourth quarter of 2015, from its partner US drug major Eli Lilly and Co (NYSE: LLY).

Including this $10 million milestone payment, HMP will have received a total of $31.7 million from Eli Lilly so far this year.

The company said the milestone payment was triggered by the positive proof-of-concept Phase II study of fruquintinib to treat advanced non-squamous non-small cell lung cancer (NSCLC) in China. Last month, top-line results of this Phase II study were reported showing fruquintinib met the primary endpoint of progression free survival. The adverse events demonstrated in the study are consistent with the known safety profile for fruquintinib.

This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Try before you buy

Free

7 day trial access

Take a Free Trial

All the news that moves the needle in pharma and biotech
Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
Receive The Pharma Letter daily news bulletin, free forever.

Become a subscriber

£820

Or £77 per month

Subscribe Now

Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
Daily roundup of key events in pharma and biotech.
Monthly in-depth briefings on Boardroom appointments and M&A news.
Choose from a cost-effective annual package or a flexible monthly subscription

The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK