(Yicai Global) April 9 -- China's Bio-Thera Solutions expects to gain up to USD120 million by allowing American drug giant Biogen to market its new biosimilar to treat moderate to severe rheumatoid arthritis outside China.

The US firm could develop and commercialize BAT1806, referencing Actemra Tocilizumab, beyond China and its special administrative regions, the Guangzhou-based company said in a statement yesterday.

The biosimilar, which is based on another drug whose patent is expired, is currently in phase III clinical trials. No marketing application has yet been filed in any country, according to the statement.

Massachusetts-based Biogen will first pay USD30 million as a down payment and after phase III, it will add milestone payments of up to USD90 million in total. Moreover, the US company will fork out double-digit royalties for the first 12 years after the medicine is approved for use.

Bio-Thera's partnership with Biogen will help quickly transform the former's research and development results into economic benefits, as well as turn quality control, technology, and marketing more international to explore more cooperation opportunities, it added.

Bio-Thera's stock price [SHA: 688177] was 1.8 percent up at CNY23.67 (USD3.60) by noon.

Editor: Emmi Laine, Xiao Yi