On September 29, 2020 Polyphor AG (SIX: POLN) reported the closing of the previously announced exclusive licensing agreement with Fosun Pharma for balixafortide in China (Press release, Polyphor, SEP 29, 2020, View Source [SID1234567844]). As a result of closing the transaction, Polyphor received the agreed upfront payment of $15 million.

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Under the terms of the agreement, Polyphor and Fosun Pharma will develop and commercialize balixafortide for the Chinese market with an initial focus on metastatic breast cancer. China is projected to be the second largest market globally for breast cancer treatments. Additional cancer indications and combination therapies will be evaluated jointly by the companies. Polyphor retains all rights to balixafortide outside of China.

In addition to the upfront payment, Polyphor is eligible for additional development milestone payments of up to $19 million, sales milestone payments of up to $148 million plus up to mid-teen royalties on net sales achieved in the territory.

Fosun Pharmaceutical AG is a wholly-owned subsidiary of Shanghai Fosun Pharmaceutical (Group) Co. Ltd ("Fosun Pharma", stock code: 600196.SH; 02196.HK), a leading healthcare company in China. It is listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange.