Yabao Pharmaceutical Co., Ltd. develops new diabetes drug ly2608204 with Lilai

Yabao pharmaceutical announced on July 7 that it has officially reached a strategic partnership with Lilly to jointly develop Lilly's new diabetes drug ly2608204 The drug has completed clinical phase I and a large number of preclinical work in the United States According to the agreement signed by both parties, Yabao pharmaceutical will have the right to develop and use new drugs in China, be responsible for the financing and development of the project, while Lilly will be responsible for other markets and have the right to buy back products Details were not disclosed The new diabetes drug ly2608204 belongs to glucokinase activator, which can promote insulin secretion and reduce glucose production Under the terms of the agreement, Yabao has the right to develop and commercialize GKA compounds in China, while Lilly reserves the right to other markets The two sides will work together to determine a strategic development plan in China Yabao will initially be responsible for the implementation and investment of all development work Lilly has the right to buy the drug in China in the future Financial terms are not disclosed "Lilly's GKA is an optimized molecule that could become a new type of drug Yabao is very pleased to cooperate with Lilly to promote this project Lilly is a global leader in the field of diabetes " Dr Wang Peng, President of Yabao pharmaceutical, commented "This groundbreaking cooperation with Lilly is an important signal for Yabao, which is committed to cooperating with the best science, using Yabao's strong clinical and management capabilities to bring new drugs to patients suffering from serious diseases in China." Source address: http://www.fiercebiotech.com/story/lily-partners-china-yabao-diabetes-drug/2014-07-08