Finnish pharmaceutical company Orion Corporation (Orion Pharma) (HEL:ORNBV) announced on Tuesday an agreement with Qilu Pharma Europe to commercialise Qilu's intravenous (IV) pembrolizumab biosimilar in Europe.

Under the agreement, Orion Pharma will hold exclusive rights to distribute, market and sell the product across the European market, while Qilu will supply the biosimilar.

Qilu is currently developing the IV pembrolizumab product, an immune checkpoint inhibitor used to treat various cancers.

Qilu will receive a share of profits from Orion Pharma, along with certain development, regulatory and sales milestone payments.

Satu Ahomäki, EVP of Generics and Consumer Health at Orion Pharma, said this agreement expands the companies' strategic partnership and supports the division's long-term targets and strategic goals. The partnership is also intended to broaden access to affordable quality medicines.