Chengdu Baiyu enters into a license deal with Novartis

Chengdu Baiyu Pharmaceutical yesterday announced that it has entered into an exclusive license agreement with Swiss pharma giant Novartis (NOVN: X) for a small molecule anti-tumor asset.

Under the terms of the license agreement, Baiyu will get an upfront payment of $70 million and is eligible to receive additional development, regulatory and commercial milestones payments of up to $1.1 billion, as well as tiered royalties.

In return, Novartis has been granted an exclusive worldwide license for the development and commercialization of this asset. No further termsof the deal were revealed.