Davis Polk advised Novast Holdings Limited in connection with its strategic partnership with Eli Lilly and Company. The parties entered into a license and supply agreement, pursuant to which Novast granted Lilly an exclusive license to commercialize certain pharmaceutical products in People’s Republic of China, Hong Kong and Macau. Novast has committed to set up a platform to support Lilly-branded generic products and increase the manufacturing capacity at its Nantong site over the next several years, with Lilly providing technical support to enhance quality standards. Lilly also made a new investment in Novast and increased its equity position in Novast by $20 million.
Novast is a pharmaceutical company based in Nantong, Jiangsu Province, China with a strong focus on design and development of quality finished products for the worldwide markets. Headquartered in Indianapolis, Indiana, Eli Lilly is a leading innovation-driven corporation engaged in developing a growing portfolio of pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations.
The Davis Polk corporate team was led from Hong Kong by partners James C. Lin and Kirtee Kapoor and registered foreign lawyers Abhishek Kolay and Amit Kataria. Edward Kang and Alexander G. Nelson were the legal assistants on the transaction. All members of the Davis Polk team are based in the Hong Kong office.
