Lepu Biopharma (HKG:2157) granted Nasdaq-listed ArriVent BioPharma an exclusive license to develop and commercialize any product with MRG007 globally outside of the Greater China region, according to a Wednesday filing with the Hong Kong Exchange.

MRG007 is indicated for gastrointestinal cancers, the filing said.

ArriVent will also get a non-exclusive license under certain intellectual property controlled by Lepu to develop, manufacture, and commercialize products containing MRG007 for anti-cancer use in other places except Greater China, the filing said.

Lepu will be entitled to a one-time upfront payment and near-term milestone payments of $47 million.

The company will also be eligible for up to $1.16 billion in development, regulatory and sales milestones, and tiered royalties of high single digits to low-teen percentages on net sales outside of China, the filing said.