Chi-Med steps closer to
Chinese pharma first with drug filing
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[June 12, 2017] 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 and Lilly also aim to win approval for fruquintinib in the
United States, which would make it the first modern drug developed
in China to be sold on 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
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(Reporting by Ben Hirschler; editing by Jason Neely)
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