CSPC Pharmaceutical Group (HKG:1093) has agreed to grant an exclusive license to AstraZeneca to develop, manufacture, and commercialize its lipoprotein inhibitor YS2302018, and products that comprise or contain the compound, a Monday bourse filing said.

The firm will receive an upfront payment of $100 million under the license contract and be eligible for up to $370 million and $1.55 billion in potential development and sales milestone payments, respectively.

The pharmaceutical company will also receive tiered royalties based on annual net sales of the relevant products.

Shares of the company closed nearly 5% higher on Monday.

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