China's Hutchison MediPharma Receives $18 Million in Payments from Lilly

Hutchison MediPharma, a subsidiary of Hutchison China MediTech, will receive $18 million in payments from Lilly during this quarter as part of Lilly's in-licensing of fruquintinib. Fruquintinib is a VEGF inhibitor that has completed a Phase II trial in patients with metastatic colorectal cancer. The payments consist of a $10 million milestone for successfully completing the first fruquintinib proof-of-concept trial and $8 million to help underwrite a Phase III trial of the drug. More details.... Stock Symbols: (AIM: HCM) (NYSE: LLY) Share this with colleagues: // //