Pfizer (PFE) has announced a new agreement to develop and market a cancer drug currently being developed by Chinese drugmaker 3SBio.

The deal allows Pfizer to exclusively develop and sell the drug outside of China, with a total value ಞof up to roughly $6 billion. 3SBio will get a upfront payment of $1.25 billion, with up to $4.8 billion in later payments based on developmental and sales milestones.

The drug in question is called SSGJ-707, and is "currently undergoing several clinical trials in China for non-small cell lung cancer, metastatic colorectal cancer, and gynecological tumors."

Pfizer said 3SBio is expected to launch the first Phase 3 clinical trial for the drug sometime༺ this year. The deal is expected to close in the t🌳hird quarter, and Pfizer said it will invest $100 million into 3SBio after the transaction is closed.

Pfizer sha🃏res were up less than 1% ahead of markets opening on Tuesday, while shares of soared 32% in the day's session.