Hong Kong-listed Innovent Biologics Inc is considering a licensing partnership to develop a cancer drug that’s showing promise in treating several types of tumor, according to people familiar with the situation.

The Suzhou, Jiangsu province-based firm is working with an adviser to gauge interest from global pharmaceutical companies in its IBI363 drug, the people said, asking not to be identified discussing a private matter. An agreement could secure Innovent an upfront payment as well as others later on if the drug passes key milestones in development and commercialization, the people said.

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Deliberations are preliminary and may not lead to a deal, the people said.

An Innovent spokesperson declined to comment directly on the subject, saying the company “has always followed the approach of independent development and open collaboration, maintaining exchanges with industry peers on products”.

Innovent’s IBI363, a so-called PD-1/IL-2 drug designed to fight tumors, is being studied in a trial comparing it with Merck & Co’s Keytruda. Innovent is conducting clinical studies in China, the US and Australia to explore the efficacy and safety of IBI363, which has also received fast-track designations from the US Food and Drug Administration.

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Founded in 2011, Innovent also produces treatments for cardiovascular, metabolic, autoimmune and eye diseases. It has partnerships with over 30 global health-care companies, including Eli Lilly & Co and Sanofi SA. In January, it announced a licensing agreement for another drug with Roche Holding AG.

Innovent’s shares are up about 9 percent this year, giving the company a market value of $8.4 billion.