Sanofi is partnering with JHL Biotech Inc. to develop and commercialize biological therapeutics for the Chinese market.

Sanofi will invest US$80 million in the Taiwan-based biopharmaceutical company and pay a further US$21 million to secure rights to JHL's proposed biosimilar of Rituximab, a drug used to treat certain types of cancers.

JHL Biotech will be responsible for developing and registering the biosimilar while Sanofi will head commercialization in China.

In addition to sales royalties, JHL Biotech will also be eligible to receive up to US$236 million in milestone payments as a result of the deal.