Eli Lilly signed a discovery-stage collaboration with Beijing-based InnoCare Pharma, a deal valued at up to $3.35 billion. The partnership is designed to identify and advance compounds against as many as five undisclosed targets addressing unmet needs. Under the agreement, Lilly gains rights to develop and commercialize resulting candidates, with up to $100 million in upfront and near-term payments and up to $3.25 billion in development and milestone payments plus royalties. The structure fits Lilly’s broader playbook of sourcing innovation from China to replenish pipeline areas. The move further intensifies competition among global pharma to secure early-stage discovery access, with large milestone-heavy structures becoming a standard mechanism to balance early learning with long-term commercialization options.