Eli Lilly announces sale of legacy antibiotics brands, facility in China
Eli Lilly announced that it has entered into an agreement 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 Eddingpharm, a China-based specialty pharmaceutical company. Under the terms of the agreement, Lilly will receive a deposit of $75M, followed by a payment of $300M upon successful closing of the transaction. 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 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.