Lilly frees up $375 million in Chinese antibiotic offload
US pharma major Eli Lilly (NYSE: LLY) has agreed to sell Chinese rights to two legacy antibiotic medicines, Ceclor (cefaclor) and Vancocin (vancomycin), as well as a manufacturing facility in Suzhou.
The deal with Chinese pharma Eddingpharm will see Lilly receive a $75 million deposit, followed by a payment of $300 million upon successful closing of the transaction.
Workers at the Suzhou facility, where Ceclor is produced, will be able to remain at the plant and work with Eddingpharm.
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