logo
Plus   Neg
Share
Email

Lilly To Sell Legacy Antibiotics Brands And Manufacturing Facility In China

Eli Lilly and Co. (LLY) said that it agreed to sell the rights in China for two legacy Lilly antibiotic medicines, Ceclor and Vancocin, as well as a manufacturing facility in Suzhou, China that produces Ceclor, to a China-based specialty pharmaceutical company Eddingpharm.

As per the terms of the agreement, Lilly will receive a deposit of $75 million, followed by a payment of $300 million upon successful closing of the transaction. The transaction is expected to close in either the latter part of 2019 or early 2020.

As part of the transaction, all employees at the Ceclor manufacturing facility and certain employees from shared functions will be offered the opportunity to remain at the facility and continue to work with Eddingpharm, Lilly said.

Lilly said it will provide ongoing services to Eddingpharm for a period of time to ensure continuity of product supply and support the smooth transition of the facility.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The CEO of German engineering giant Siemens AG criticized U.S. President Donald Trump as becoming the "face of racism and exclusion" following his alleged racist comments targeting four progressive Democratic Congresswomen recently. "It depresses me that the most important political office of the world will be the face of racism and exclusion," Joe Kaeser said in a Twitter post in German. Volvo Cars issued a recall for 507,000 vehicles worldwide, citing a risk of fire due to a faulty engine component. The Swedish automaker reportedly said it has received reports of a small number of cars catching fire, but no one has been injured. The recall could affect certain vehicles produced during the period from 2014 to 2019 and having two-liter, four-cylinder diesel engines. Auction house Sotheby's said on the 50th anniversary of the Apollo 11 lunar landing, it has auctioned the three original videotape recordings depicting the event for $1.82 million in New York. The price is more than 8,000 times the price paid for the tapes by then-NASA intern Gary George at a government surplus auction in 1976. Apollo 11 was the spaceflight that first landed humans on the moon.
Follow RTT