PARIS (Reuters) – Sanofi and BioNTech said they signed a collaboration and license agreement to discover and develop up to five cancer immunotherapies, the companies said in a statement on Tuesday.

BioNTech will receive $60 million in upfront and near-term milestone payments and could receive over $300 million in development, regulatory and commercial milestones and other payments per product, the companies said.

BioNTech would also be eligible for tiered royalties on net sales up to double digits if the treatments are successfully brought to market, the companies added.

(Reporting by Alan Charlish and James Regan; Editing by Miral Fahmy)