Chinese drugmaker Everest Medicines has bought China rights to a multidrug-resistant antibiotic from U.S.-based clinical-stage biopharmaceutical company Spero Therapeutics in a $61.5 million deal.

Under the terms of the pact, Everest aims to pay $2 million upfront and as much as $59.5 million in milestones, plus royalties on sales.

Additionally, the treaty will also have an option for a second Spero MDR IV antibiotic.

Moreso, Everest has raised $50 million in initial financing led by Chinese investment firm C-Bridge Capital.