CSPC Pharmaceutical Group Ltd. engaged Casper Pharma Ltd. to develop and commercialize its oncology drug in the U.S.

Casper Pharma will conduct clinical studies and apply for regulatory approvals for the drug which will be manufactured and exclusively distributed by the company in the U.S.

CSPC will receive about $101 million in milestone-related payments in addition to a royalty on sales once the drug is launched.

The treatment is already being marketed in China.