Positive fruquintinib results trigger Lilly payment to Hutchison MediPharma
Hutchison MediPharma (HMP), an R&D company majority owned by China’s Chi-Med, is set to receive a total of $18 million in payments, in the second quarter of 2015, from US pharma major Eli Lilly (NYSE: LLY).
The payments have been triggered by the positive result of the first proof-of-concept (POC) study of fruquintinib in the treatment of patients with metastatic colorectal cancer (mCRC) in China. Fruquintinib, a novel selective inhibitor of the vascular endothelial growth factor (VEGF) receptor tyrosine kinases, was discovered by HMP. Full details of the mCRC POC results will be published at a major medical meeting later this year.
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