(Yicai Global) March 28 -- Chinese drug developer Innovent Biologics has secured exclusive regional rights to sell two cancer treatments developed by American pharma giant Eli Lilly and Co.

Innovent penned an agreement with Eli Lilly to be fully in charge of pricing, import, marketing, and distribution of Cyramza (ramucirumab) and Retsevmo (selpercatinib) in the Chinese mainland, the Suzhou-based medical company said in a statement today.

Innovent aims to have seven commercial products by year-end, said Michael Yu, founder and chairman. Before this, the firm has partnered with Eli Lilly on two cancer therapies, including Tyvyt (sintilimab) and Halpryza (rituximab biosimilar), he added.

The Chinese company needs to pay a down payment of USD45 million to the Indianapolis-based drugmaker for the latest two products used to treat cancers, including the most common type of lung cancer.

This month, Cyramza became the No. 1 second-line treatment of advanced gastric cancer in China after approval by the National Medical Products Administration. Last September, the application for the same drug to be used to treat a common type of liver cancer called hepatocellular carcinoma was also accepted by the NMPA.

The second medicine is also waiting for approval in China. The NMPA accepted application for Retsevmo for marketing last August to treat patients with non-small cell lung cancer.

Moreover, Innovent may gain another addition to its portfolio. Eli Lilly will consider the Chinese partner first when the time comes to market Pirtobrutinib in China. The oral drug is in phase three trials to treat two cancers that affect a type of white cells, namely chronic lymphocytic leukemia and small lymphocytic lymphoma.

Founded in 2011, Innovent has earned marketing approvals for six self-developed products, according to the firm's website. It is currently developing 20 more.

But ambitious plans require heavy investments. In the first half of 2021, Innovent's net loss almost doubled to CNY1.2 billion (USD188.3 million). Meanwhile, its revenue grew nearly twofold to CNY1.9 billion.

Innovent's stock price [HKG: 1801] was 3.26 percent down at HKD26.7 (USD3.41) at close.

Editor: Emmi Laine, Xiao Yi