Lilly signs a $1B deal to deepen its oncology ties with China’s Innovent

Eli Lilly ($LLY) has expanded its R&D partnership with China’s Innovent Biologics, bringing in three potential immunotherapies for cancer and adding another $1 billion in potential value to the existing alliance.

Under the new deal, the companies will collaborate on three bispecific antibodies that target the protein PD-1 in an effort to unblind the immune system to malignancies in the body. Lilly is on hand to develop and commercialize each treatment outside of China, while Innovent retains the local rights, the companies said. In exchange for Innovent’s help, Lilly is promising more than $1 billion in payments over the next decade, tied to development, regulatory and sales milestones.

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