INDIANAPOLIS (AP) -- Eli Lilly is expanding a partnership with Novast Laboratories, a Chinese company that manufactures specialty and generic drugs.
Lilly said Tuesday that it is investing another $20 million to its equity stake in Novast to better market branded generic drugs in China. Novast may also handle local and regional manufacturing of some products Lilly is developing.
Novast Laboratories Ltd. makes generic versions of controlled-release and other pharmaceuticals. The company was founded in 2004 and is based in Nantong. Lilly invested in Novast several years ago through its venture capital unit.
Shares of Eli Lilly and Co. lost 5 cents to $41.44 in morning trading.