Innovent Biologics (HKG:1801) said its collaboration with Eli Lilly has become effective after receiving early clearance from the U.S. Federal Trade Commission, according to a Wednesday Hong Kong bourse filing.

All conditions precedent have been fulfilled, with the agreement taking effect on Tuesday.

The biological company also clarified that recent media reports suggesting the collaboration involves an acquisition are incorrect, adding it has no intention to pursue such a transaction.