Hutchmed (HCM) closed a licensing agreement granting a GSK (GSK) unit worldwide development and commercialization rights to its experimental cancer drug HMPL-A830, excluding mainland China, Hong Kong, Macau and Taiwan, the company said late Tuesday.

Under the deal, Hutchmed expects to receive an upfront payment of $110 million, with potential milestone payments of up to about $1.19 billion and tiered royalties on annual net sales.

Hutchmed will lead global phase I development, while GSK will oversee subsequent clinical development and commercialization in its licensed territories, the company added.