(Yicai Global) Dec. 17 -- Xiangxue Pharmaceutical's shares rose by the daily limit of 10 percent after the drugmaker said it had secured exclusive rights to develop and commercialize three of US firm Athenex's oncology treatments in mainland China, Hong Kong and Macao for as much as USD180 million.

The shares [SHE:300147] ended today at CNY7.43 (USD1.10) each. The Guangzhou-based company's stock price has gained 21 percent so far this year, compared with a 42 percent advance in the benchmark Shenzhen Component Index.

Xiangxue will make a down payment of USD30 million to New York-based Athenex to secure the agreement, according to the contract. It will then pay up to USD110 million in a series of milestone payments for research and development. It will also pay royalties of between 12 percent and 20 percent based on annual net sales in the territory of up to USD40 million.

The three new drugs are an oral treatment of metastatic breast cancer, a skin cancer ointment and an oral treatment for final-stage colorectal cancer, Xiangxue said.

The first two medicines are already in third-phase clinical trials and are expected to be ready to apply to the US Food and Drug Administration for permits in the first and second quarters of next year, it added. The third drug has just finished its first-phase clinical trials.

Athenex focuses on the discovery, development and commercialization of novel therapies for the treatment of cancer. It runs R&D labs in Hong Kong and has clinical trial hubs in Chongqing, Taipei and Manchester.