(Yicai Global) March 1 -- Junshi Biosciences will join hands with global drug giant AstraZeneca to promote the Chinese firm's pioneering cancer treatment in China.

Junshi penned an exclusive agreement with AstraZeneca for the latter to market toripalimab, China's first approved PD-1 product, to treat urothelial carcinoma, a type of bladder cancer, the Shanghai-based company said in a statement yesterday. The pair hasn't yet agreed on financial details, it added.

PD-1 is a new type of therapy that uses a patient's immune system to fight cancer. Toripalimab has been approved in China to treat melanoma and nasopharyngeal carcinoma while the developer is studying its uses in combating more than 10 other types of tumors.

Junshi will continue to be responsible for other marketing efforts regarding the drug in China, it added.

The Chinese partner can overcome its shortcomings and rely on the Cambridge-based partner's long-term and extensive networks in China to commercialize the product, it said. The two firms will explore further avenues of cooperation overseas, including emerging markets, it added.

Junshi more than doubled its revenue to about CNY1.6 billion (USD247 million) last year due to toripalimab sales and technology licensing, according to its earnings report.

Junshi's share price [SHA: 688180] slid by 3.7 percent to CNY100.13 (USD15.50) in the afternoon. Its Hong Kong-listed stock [HKG: 1877] rose 2.6 percent to HKD81.60 (USD10.50).

Editor: Emmi Laine, Xiao Yi