Eli Lilly and Company, a global healthcare leader, and Innovent Biologics, Inc. (Innovent), a leading biopharmaceutical company, announced an expansion of their drug development collaboration, already one of the largest in China between a multi-national and domestic biopharmaceutical company.

The companies will collaborate to support the development and potential commercialisation of up to three anti-PD-1 based bispecific antibodies for cancer treatments over the next decade, both inside and outside of China.

Under the previous agreement, Lilly will exercise its rights to develop, manufacture and commercialise these potential cancer treatments outside of China.

Innovent will now have the rights to develop, manufacture and commercialise these potential cancer treatments for China, subject to a Lilly opt-in right for co-development and commercialisation.

Under the terms of the expanded agreement, Innovent could receive additional milestones totaling more than $1 billion if the products reach certain development, regulatory and sales milestones, both inside and outside of China. Sales royalties and other payments would occur on certain products if commercialised outside China. Further financial terms were not disclosed.

Lilly will create the three preclinical anti-PD-1 based bispecific antibodies using an antibody sequence contributed by Innovent.

"We believe that combination therapy in immuno-oncology has the potential to transform the way cancer is treated," said Greg Plowman, M.D., Ph.D., vice president of oncology research at Lilly.

"We are pleased to be expanding our collaboration with Innovent to further the development of potential therapies for those fighting cancer in China and around the world."

Michael Yu, Ph.D., co-founder, president and CEO of Innovent, stated, "We are honored that Lilly is so quickly expanding our relationship and that Lilly is trusting Innovent to develop and manufacture their newly created bispecific antibodies for China. We are excited to be at the forefront of immuno-oncology drug development and to benefit from Lilly's deep experience in bispecific antibodies."