Lilly and Innovent Expand Drug Collaboration

2026-02-09 companies

Indianapolis, Monday, 9 February 2026.
On February 9, 2026, Eli Lilly expanded its partnership with Innovent, with Lilly paying $350 million upfront. Innovent could receive up to $8.5 billion more, contingent on achieving specific milestones.

Strategic Focus

The collaboration between Eli Lilly & Co. (LLY) and Innovent Biologics (1801.HK) aims to develop drugs for oncology and immunology [1][2]. This agreement, the seventh between the two companies, allows Innovent to lead drug development from concept to Phase II clinical trials in China [2][4]. Lilly will then have exclusive rights to commercialize the products outside of Greater China [2][4].

Financial Implications and Market Reaction

Innovent’s shares experienced a surge of 5% in early trading on Monday following the announcement of the deal [2]. In addition to the upfront payment, Innovent is eligible for up to $8.5 billion in milestone payments, plus royalties from net sales outside Greater China [2][4]. According to Dr. Michael Yu, Innovent’s CEO, this alliance creates an ‘end-to-end innovation ecosystem’ [2].

Lilly’s Stock Performance

On February 6, 2026, Eli Lilly’s stock closed at $1,058.18, marking an increase of $37.34, or 3.66% [7]. Following this, the stock further increased in overnight trading to $1,079.94, gaining an additional $21.76, or 2.06% [7]. [alert! ‘The source references stock information from February 6, which might not directly correlate to the February 9 announcement.’]

Previous Collaborations

Innovent and Lilly have previously collaborated on other projects, including the weight loss drug mazdutide [2]. Innovent, established in 2011, has launched 16 products and has partnerships with over 30 global healthcare companies [4]. These partnerships include collaborations with Sanofi, Incyte, LG Chem, and MD Anderson Cancer Center [4].

Sources

pharmaceuticals drug development