Shanghai Junshi Biosciences' (HKG:1877, SHA:688180) unit, Shanghai JunTop Biosciences, received the exclusive license of IAMA-001 nasal spray, according to a Thursday disclosure on the Hong Kong Stock Exchange.

Nanjing JSIAMA Biopharmaceuticals granted the pharmaceutical company the right to conduct research, develop, manufacture, and sell the product in the Greater China region. Both parties will share the interests of the product.

JunTop will pay JSIAMA upfront payments worth 40 million yuan, research and development fees within China of 240 million yuan, and another $150 million for research and development milestones outside China.

JSIAMA will also receive a single-digit percentage sales-based royalties on the annual net sales of the nasal spray, the Chinese pharmaceutical company said.

The company's shares soared more than 10% on the Hong Kong bourse and jumped less than 6% on the Shanghai bourse.

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