Singapore, June 23 -- Harbour BioMed, a China-based biopharmaceutical company, has announced a global strategic collaboration with Japan-headquartered Otsuka Pharmaceutical Co. to advance BCMAxCD3 bispecific T-cell engagers for the treatment of autoimmune diseases.

Under the terms of the agreement, Otsuka is granted an exclusive license to develop, manufacture, and commercialise HBM7020, a BCMAxCD3 bispecific T-cell engager globally, excludingGreater China(Mainland China,Hong Kong,MacauandTaiwan).

In return, Harbour BioMed will receive a total of$47 millionin upfront and near-term payments. The company is also eligible for additional payments of up to$623 millionupon the achievement of specified development and commercial milestones, as...