Hutchison China Meditech, the China-based pharmaceutical company, said its unit Hutchison MediPharma has agreed a research collaboration with US pharmaceutical company Eli Lilly (NYSE:LLY) to co-develop oncology and anti-inflammatory medicines. Hutchison said it will receive milestone payments of 20-29 mln usd, depending on the clinical candidate, along with an upfront fee, annual research and development support costs and also potential royalties. Under the terms of the agreement, Hutchison will take responsibility for initial research and development, while Eli Lilly will offer technological advice and clinical trial expertise as the project advances. The research will be carried out in China to 'expedite the drug discovery process and reduce overall costs', Hutchison said....   more

Hutchison China Meditech (AIM: HCM) reported higher 2007 revenues, but also said its net loss increased. Revenues were up 29% to $65.1 million, while the loss jumped from $10 million to $17.2 million. Revenues for its line of TCM products were higher, and that division of its business was profitable. Chi-Med, as the company is popularly known, blamed the loss on higher research expenses and a one-time charge of $5.1 million for discontinuing its Nao Ling Tong product line....   more

(Reuters) Hutchison China MediTech Ltd's six-month group loss for the period ended June widened to $6.4 million, the traditional Chinese medicine-sourced pharmaceuticals maker reported on Tuesday. Sales grew 37 percent to $46 million, driven mainly by strong like-for-like growth in its China healthcare unit, while losses in its drug research unit rose 112 percent to $8.0 million, the company said. Group losses to shareholders widened to $6.4 million in the first half from $5.6 million a year ago, the statement shows. "Chi-Med has delivered a very strong first-half performance, outperforming our expectations in all divisions," CEO Christian Hogg said in the statement. "Our China healthcare division has grown like-for-like sales well ahead of the circa 20 percent annual growth of China's pharmaceutical industry. "It is now strongly profitable and cash generative and has increased its margin as it leverages its growing scale and powerful brands."...   more

Hutchison Chi-Med, the Chinese medicine company backed by the firm that created mobile phone group Orange, has signed up the University of Cambridge to investigate the potential healing and anti-aging properties of a number of the group\'s herbal remedies....   more

Chi-Med plans to spin off its drug development arm, Hutchison MediPharma, within two years, possibly through an IPO on the Nasdaq exchange....   more