ImmVira Group Company, a biotechnology company, has signed a clinical collaboration and exclusive license agreement with China-based Shanghai Pharmaceuticals Holding Co Ltd, it was reported on Thursday.

The contract has been signed for ImmVira's MVR-T3011 intratumoral oncolytic virus program for the commercialisation of immunotherapies to treat solid malignant tumours.

According to the terms of the contract, ImmVira will receive from Shanghai Pharma an upfront payment and contingent milestone payments worth RMB1.15bn, and royalty payments of up to 12% of net revenues if Shanghai Pharma successfully commercialises a therapy from the partnership.