Frontier Biotechnologies (SHA:688221) signed an exclusive worldwide licensing agreement with GlaxoSmithKline for two early-stage siRNA assets, securing an upfront payment of $40 million and a near-term milestone payment of $13 million.

The company is also eligible for additional payments of up to $950 million across the two programs, according to a Tuesday filing with the Shanghai bourse.

Under the deal, Frontier will advance a Phase I trial in China for one candidate and complete investigational new drug-enabling studies for another. GlaxoSmithKline takes over all subsequent clinical development, regulator submissions and commercialization works.

Shares of the biotechnology company rose 9% in recent trade.