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Innovent to develop Eli Lilly's diabetes drug candidate in China

Innovent Biologics Inc. acquired rights to develop and market an Eli Lilly and Co. diabetes drug candidate, OXM3, in China.

Suzhou, China-based Innovent Biologics aims to diversify its oncology-focused portfolio, CEO Michael Yu said in a statement. China has about 114 million people with diabetes, according to the company.

Financial terms for the deal were not disclosed.

OXM3 is set to begin a phase 2 clinical trial in the U.S., according to a note released Aug. 22 by Morgan Stanley.

The once-a-week injectable works by binding with two proteins — GLP-1 receptor and glucagon receptor to control blood sugar levels and obesity.

This is the third deal between Innovent and Indiana-based Eli Lilly to develop and market drugs in China, the research note said. The two companies previously partnered to develop and commercialize cancer drug Tyvvt, or sintilimab, and a rituximab biosimilar in China.