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.
