Chinese biotech deal making is moving beyond the licensing of individual drug candidates, as the country transforms from a follower to a global innovation leader, according to analysts.
The latest transaction underscores that shift. Beijing-based cancer drug developer InnoCare Pharma said on Thursday that it had entered into a strategic research collaboration and licensing agreement with US pharmaceutical giant Eli Lilly that could be worth up to US$3.35 billion.
InnoCare said it would use its drug discovery platform to identify and advance compounds against up to five targets.
The companies did not disclose the specific therapeutic areas covered by their partnership, saying only that the new drugs would seek to “address critical unmet medical needs”.