U.S. drugmaker Pfizer said it would license an experimental cancer treatment from China's 3SBio Inc , paying $1.25 billion upfront and up to another $4.8 billion if developmental milestones are met.

Key Takeaways Pfizer said late Monday that it has agreed to a deal to help develop and market a Chinese cancer drug across the globe.Chinese firm 3SBio is developing a drug that is in trials to treat several forms of cancer,

Pfizer will pay $1.25 billion upfront to license an experimental cancer drug out of China, in a deal that underscores multinational drugmakers’ growing enthusiasm for Chinese biotech innovation.The deal grants Pfizer rights to develop and commercialize a drug from Shenyang-based 3SBio Inc.