Eli Lilly expanded its China innovation push with a discovery-stage collaboration with Beijing-based InnoCare Pharma worth up to $3.35 billion. The deal uses InnoCare’s discovery platform to identify and advance compounds against as many as five undisclosed targets, with Lilly retaining rights to further develop and commercialize resulting candidates. Terms reported include up to $100 million in upfront and near-term payments, as much as $3.25 billion in development and milestones, and royalties on future sales. The announcement further cements Lilly as one of the most active multinational acquirers of early innovation from China’s biotech ecosystem. For the biopharma sector, the structure—multi-target discovery with large milestone upside—signals continued appetite for platform-driven sourcing in oncology and autoimmune, even as companies refine how they manage risk across early-stage pipelines.