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Chi-Med steps closer to Chinese pharma first with drug filing
June 12, 2017 / 7:29 AM / 5 months ago

Chi-Med steps closer to Chinese pharma first with drug filing

(This story corrects to remove reference to Lilly in paragraph 4.)

LONDON (Reuters) - Hutchison China MediTech, the Shanghai-based drugmaker listed in London, is a step closer to winning approval for a modern drug developed in a Chinese lab with the submission of its cancer medicine fruquintinib to China’s drug watchdog.

The company, controlled by Li Ka-shing’s CK Hutchison group, said on Monday the China Food and Drug Administration would now review the drug as a treatment for advanced colorectal cancer.

The move triggers a milestone payment of $4.5 million from U.S. partner Eli Lilly to the Chinese firm, which is commonly known as Chi-Med.

Chi-Med is also testing fruquintinib in the United States as it aims to become the first China-based company to bring modern drugs to the international market.

Hopes for the drug, which starves tumors of blood supply, received a major boost in March when a late-stage clinical trial produced strongly positive results in colon cancer, lifting Chi-Med shares.

The drug is also being developed for non-small cell lung cancer and another study in gastric cancer is due to start soon.

Chi-Med shares were up 1.1 percent in early London trading on Monday.

Reporting by Ben Hirschler; editing by Jason Neely

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