GlaxoSmithKline entered into an agreement with Amplimmune for the worldwide rights to develop AMP-224, as well as other potential next generation fusion proteins that target PD-1, Amplimmune announced Wednesday.

Under the agreement, Amplimmune will receive a $23 million upfront payment, and is also eligible to receive up to $485 million in milestone payments plus royalties on future global sales.

Amplimmune will be responsible for conducting a Phase I trial of AMP-224 in patients with cancer, which is expected to begin next year.

The two drugmakers will work collaboratively to perform research directed toward understanding the mechanism of action of AMP-224 and its therapeutic potential in oncology, infectious diseases and vaccine applications, Amplimmune explained.