As part of a $2 billion deal, Kumquat Biosciences of San Diego will work with a Lilly subsidiary to find small molecule medicines that trigger tumor-specific immune responses in cancer patients (see story). $70 million will be paid up-front in cash and stock, with $2 billion worth of milestone payments to be made by Eli Lilly.
It is possible that Lilly will be able to pick the properties that Kumquat will develop for the US, while Kumquat will retain China rights to the assets after the discovery phase is over. Chinese co-commercialization will be available to Lilly.
Its parent company, MicroPort Scientific, invested $47 million of the $150 million in the Series C investment, which included $20 million from Hillhouse (see story). Pacemaker and defibrillator devices are manufactured by MicroPort CRM. The CRM division of Liva Nova, an Italian company, was bought by MicroPort for $190 million in 2017.In Clamart, a Paris suburb, MicroPort CRM has offices and R&D teams. MicroPort Scientific, the business’s parent, is a multinational medical device corporation with its headquarters in Shanghai, China.