Eli Lilly to Enter Strategic Collaboration With Innovent Biologics

Paul, Weiss is advising Eli Lilly and Company on the intellectual property aspects of its strategic collaboration with Innovent Biologics, Inc., a Chinese biopharmaceutical company and regular collaborator with Lilly, to advance novel medicines in oncology and immunology. Under the terms of the agreement, Innovent will receive a $350 million upfront payment and is eligible to receive development, regulatory and commercial milestone payments totaling up to approximately $8.5 billion contingent upon the achievement of certain future events. Additionally, Innovent will be eligible for tiered royalties on net sales of each product outside of Mainland China, Hong Kong, Macau and Taiwan. The agreement grants Lilly an exclusive license to develop and commercialize the programs worldwide outside of these jurisdictions, while Innovent retains rights in these regions.

The Paul, Weiss team is led by intellectual property partner Bonnie Chen and associate Yihan Zhuang, and includes partners Jeffrey Osterman and Meggin Bednarczyk; litigation partner Daniel Reich; and antitrust counsel Chad de Souza.