The German pharmaceutical company Boehringer Ingelheim and China's Sino Biopharmaceutical have signed a licensing agreement to develop experimental cancer drugs, Bloomberg reports. Under the terms of the deal, the Chinese side will receive an upfront payment of $358 million, as well as potential payments of up to $7 billion upon achieving clinical milestones, and royalties on future drug sales.

The German pharmaceutical company Boehringer Ingelheim and China's Sino Biopharmaceutical have signed a licensing agreement to develop experimental cancer drugs, Bloomberg reports. Under the terms of the deal, the Chinese side will receive an upfront payment of $358 million, as well as potential payments of up to $7 billion upon achieving clinical milestones, and royalties on future drug sales.