CSPC Pharmaceutical Group Ltd. entered an agreement to develop and commercialize another of its drug for the U.S. market.

The Chinese company engaged U.S.-based Citron Pharma Ltd. to produce, license and commercialize a "complex central nervous system generic drug" in the country.

The generic will be developed by CSPC subsidiary Conjupro Biotherapeutics Inc. with Citron Pharma handling clinical trials and regulatory approvals for distribution and sale.

Citron Pharma is required to pay up to $81.5 million to Conjupro depending on the product's application progress and amount of future sales.

Conjupro is also eligible to receive a royalty on net sales.

CSPC Pharmaceutical recently entered an agreement to commercialize its cancer drug, also in the U.S.