Biopharmaceutical?company Zonsen PepLib Biotech said in a company statement on Monday that it has struck a global licensing deal with Swiss multinational pharmaceutical company Novartis to develop a new peptide-based treatment, netting an upfront payment of $50 million.

The agreement focuses on an undisclosed asset used in radioligand therapy, a precision cancer treatment that delivers radiation directly to tumor cells.

Under the deal, the Swiss company will take over all future research, development, and commercialization. Beyond the $50 million cash injection, PepLib is eligible for further payments tied to development and sales milestones, as well as royalties on future sales.

PepLib chairman Chen Lei said the Chinese biotech company has developed the drug entirely in-house, but sees Novartis as the ideal partner to bring it to patients, citing its track record in the radioligand field.?

Shiva Malek, global head of oncology at the Novartis Institutes for BioMedical Research, said the deal bolsters the company's pipeline of next-generation cancer therapies.

Based in Zhuzhou, Hunan province, PepLib was founded in 2017 and specializes in peptide discovery for cancer and cardiovascular diseases.?