UPDATE 1 — China's InnoCare, Eli Lilly sign collaboration deal worth up to $3.35 billion

(Updates with details on licensing deal) Sept 24 (Reuters) — Chinese drugmaker InnoCare Pharma said on Thursday it had entered into a research collaboration and licensing agreement with Eli Lilly worth up to about $3.35 billion. Here are some more details: InnoCare would receive up to $100 million in upfront and near-term payments and about $3.25 billion in development and commercial milestone payments, plus tiered, single-digit royalties on future annual net product sales. The Beijing-based firm said it would develop new medicines leveraging its drug discovery platform to discover and advance compounds against up to five targets, as part of the deal. InnoCare specialises in drugs for the treatment of cancer and autoimmune diseases. A spokesperson for Eli Lilly did not immediately respond to a request for comment on what specific disease areas would be targeted in the collaboration. (Reporting by Aamir Shaik Khalid in Bengaluru, Additional reporting by Andrew Silver in Shanghai; Editing by Subhranshu Sahu) ((Aamir.SheikKhalid@thomsonreuters.com;)