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InnoCare Pharma Signs Drug Discovery Deal With Eli Lilly Worth Up to $3.3 Billion; Shares Down 5%

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InnoCare Pharma (HKG:9969, SHA:688428) entered into a strategic research collaboration and a license agreement with Eli Lilly to develop new medicines, according to a Thursday filing with the Hong Kong bourse.

InnoCare will use its drug discovery platform to identify and advance compounds against up to five targets.

The company is eligible for up to $100 million in upfront and near-term payments and about $3.25 billion in development and commercial milestone payments, subject to conditions and achievement of milestones.

InnoCare will also receive tiered royalties in the single-digit percentage range based on annual net product sales.

Hong Kong-listed shares of the firm were down nearly 5% in Thursday midday trade.

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